Siemens Financial Services provides $178m credit facility to Windy Point Partners

13 October 2009

Siemens Financial Services (SFS) has provided a $178m senior secured credit facility to Windy Point Partners II, an affiliate of Cannon Power Corporation, for its expansion of the Windy Flats wind project located in Klickitat County, Washington.

The funds are being used to expand the project with additional Siemens wind turbines and to recapitalise a portion of an existing credit facility, the company said.

Roland Chalons-Browne, president and CEO of SFS said, ‘Providing the funding for this major wind project’s expansion was particularly gratifying in that it allowed SFS to value-add Siemens technology to its financing solution and further underscores our overall commitment to support renewable energy.’ He added, ‘With Siemens leading technology in this sector, SFS is ideally positioned to provide complete financial solutions for energy projects with Siemens customers.’

Gary Hardke, president and managing director of Cannon Power Group, added, ‘This is another significant milestone for Cannon and our Windy Point/Windy Flats projects.’

Based in Iselin, New Jersey, Siemens Financial Services is an international provider of financial solutions in the business-to-business area, with about 1,900 employees and an international network of financial companies coordinated by Siemens Financial Services, Munich.

Kirk Edelman, senior vice president and general manager of SFS’s energy finance team said, ‘SFS continues to establish itself as a part of the wind financing community through deals such as the Windy Flats expansion project.’ He added, ‘As the demand for wind power grows in the US, SFS Inc. will continue to support alternative energy projects with our flexible financial solutions.’

The company supports global electronics company Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare. It finances infrastructure, equipment and working capital and act as a competent manager of financial risks within Siemens.

Copyright © 2009 NewNet

Tags: wind

This story was published on Tuesday, October 13th, 2009 at 5:45 pm and is filed under North America, deals, wind. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply