66OC Investec Bnk 23

RNS Number:1580R
Solar Funding 1 ld
7 February 2002


Letter to: Company Announcements Office


                                   Series No. 2
               Euro 12,000,000 Signature Tranche C (First Loss) 
              Secured Credit-Linked Notes due 2004 (the "Notes")
 Issued pursuant to the US$1,000,000,000 Secured Asset-Backed Medium Term Note
                       Programme of Solar Funding I Limited

We refer to the above Notes issued by Solar Funding I Limited. Terms used in
this notice and not otherwise defined shall have the meaning given to them in
the terms and conditions of the Notes.

Credit Event relating to Enron Corp.

Following the determination by The Royal Bank of Scotland plc, as Calculation
Agent in respect of the Notes, of a Bankruptcy Credit Event with respect to
Enron Corp. (the "Enron Credit Event"), we hereby notify you that an Early
Redemption Date occurred with respect to the Notes on 4 February 2002. On such
date, the principal amount of the Notes were reduced by EUR7,060,000 (such
amount being equal to the principal amount of the Underlying Assets liquidated
in order to realise a Reference Credit Amount of EUR7,064,989. The Reference
Credit Amount was calculated by the Calculation Agent on the Valuation Date,
being 30 January 2002, and in accordance with Paragraph 40 of the Pricing
Supplement and corresponds to the Cash Settlement Amount (as defined in the
Related Agreement) payable by the Issuer to the Counterparty on the Cash
Settlement Date (as defined in the Related Agreement) in accordance with the
terms of the Related Agreement).

The aggregate principal amount of the Notes outstanding with effect from 1
February 2002 is therefore EUR2,427,000.

Adjusted Interest Amount

The interest amount due on the Notes has been adjusted to EUR228,082 and shall
be payable to the Noteholders on 5 February 2002, such date being the first
Presentation Business Day following the Early Redemption Date.

Letter from: Solar Funding I Limited


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