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Siemens Financial Services Inc. Has Acquired 25% Stake in the $350M Advanced Power CCGT Plant Project in Brockton, MA

Posted on: Tuesday, 29 April 2008, 12:01 CDT

BOSTON, April 29 /PRNewswire/ -- Siemens Financial Services, Inc. (SFS Inc.) the U.S. financing unit of Siemens AG has acquired 25% of the Brockton Clean Energy Project, a $350 million combined-cycle gas turbine development project in Brockton, MA, from Advanced Power North America, a unit of Advanced Power AG.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO )

The 350 megawatt Brockton Clean Energy facility is the fourth joint venture to evolve from a strategic partnership between Siemens and Advanced Power and their first collaboration in the U.S. In Europe, the two companies are jointly developing 1,900 MW of new energy capacity in Belgium, Germany and Spain. Siemens is a world leader in the design and construction of power generation and transmission equipment, a global O&M provider for combined and simple cycle power plants.

Roland Chalons-Browne, President and Chief Executive Officer of Siemens Financial Services Inc., says SFS Inc. understands the individual customer needs and challenges and addresses these by focusing on the long-term relationship. "Our success is based on our ability to be very much in tune with our customers, and to leverage our strength as a manufacturing company with our expertise as a financing company. With our broad financial offering, we at SFS Inc., are well positioned as a source of capital to keep viable businesses going strong."

On a local level, the $350 million project will be the largest single investment in the history of Brockton and the city's largest taxpayer.

"Brockton Clean Energy must meet the strict Massachusetts environmental guidelines, making it one of the cleanest, safest and most efficient facilities in the world," said Ron Kelly, Brockton Clean Energy Project Manager. The efficiency gains will allow Brockton Clean Energy to displace older oil and gas facilities from the grid, effectively eliminating 480 tons of nitrogen oxides, 810 tons of sulfur dioxide and 137,000 tons of carbon dioxide pollution each year. "We are proud to be part of a tradition in Brockton going back to when Thomas Edison first electrified the city in 1883; with this facility, we will help invest in Brockton's future for the 21st century."

The Brockton Clean Energy project has been environmentally certified by the state of Massachusetts and is expected to begin operations in 2011. Its 350 megawatts of additional capacity will come online at a critical time for the communities in the area, where the 30,000 megawatt ISO-New England grid operator forecasts a 4,000 megawatt energy shortage by 2015.

Brockton Clean Energy was chosen to be the first Advanced Power project in the U.S. because of the management team's extensive experience in New England's energy market. Most of the company's top executives and all of the senior members of its U.S.-based team had worked together at InterGen or Thermo-Electron Corporation, two leading Massachusetts-based global energy developers.

In Massachusetts, Siemens employs 2,600 people on 22 locations and manufactures and markets a broad range of different products from electrical and electronic products, systems and services, to medical technologies, to power generation technologies. As a member of the Massachusetts community, Siemens works with Massachusetts Institute of Technology as a regional host of the nation's premier math, science and technology research competition for high school students, awarding more than $750,000 a year in scholarships.

About Siemens Financial Services (SFS)

With some 1,800 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, the Siemens Financial Services group offers a broad range of financial services. This covers activities from sales and investment financing to treasury services, fund management and insurance brokerage. The group's key customers are internationally active industrial and services companies, as well as public-sector operators. The group supervises more than 20 equipment financing companies worldwide. Further information: http://www.siemens.com/finance

Siemens Financial Services, Inc. (SFS Inc.) is a leading provider of business-to-business financial services in the United States. SFS is a committed business ally that combines deep industry expertise with integrated financing solutions to enhance the efficiency, productivity, and competitiveness of its customers. The company, based in Iselin, NJ, enables business expansion for thousands of customers in the healthcare, energy, and industrial sectors by providing customized solutions that range from equipment financing and working capital to project and export finance, and insurance solutions. Further information on Siemens Financial Services in the United States: http://www.usa.siemens.com/financial

About Siemens

Siemens AG is a global powerhouse in electrical engineering and electronics, focusing on the three key sectors of healthcare, industry and energy. Founded 160 years ago in Germany, Siemens AG reported sales of $96.6 billion in fiscal year 2007 (ended September 30). Siemens today employs more than 470,000 people in some 190 countries. In the United States alone, Siemens had sales of over $25 billion (including export sales), fueled largely by infrastructure projects and innovative solutions in the industry areas of medical, automation and control, power, transportation and lighting. Headquartered in New York City, Siemens in the U.S. employs nearly 72,000 people in all 50 states and Puerto Rico. The U.S. is also home to the global headquarters of nine of Siemens' worldwide businesses. For more information on Siemens in the United States, go to http://www.usa.siemens.com/

About Advanced Power AG

Advanced Power AG is owned by its management and London-based private equity group 3i. The company develops environmentally-sustainable energy facilities powered primarily by clean burning natural gas, one of the world's most efficient fuel sources, while the combined-cycle design of its facilities re-uses exhaust steam to produce additional energy. Before forming Advanced Power in 2000, the members of the management team had developed a combined 9,000 megawatts of power generation assets and raised $4.2 billion of project financing worldwide.

CONTACT: Sonja Ernst (732) 590-6603 sonja.ernst@siemens.com CONTACT: Amy Lambiaso (781) 504-5801 lambiaso@libertysquaregrp.com

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGOAP Archive: http://photoarchive.ap.org/PRN Photo Desk, photodesk@prnewswire.com

Siemens Financial Services, Inc.

CONTACT: Sonja Ernst, Siemens Financial Services, Inc., +1-732-590-6603,sonja.ernst@siemens.com; Amy Lambiaso, +1-781-504-5801,lambiaso@libertysquaregrp.com

Web site: http://www.siemens.com/financehttp://www.usa.siemens.com/http://www.usa.siemens.com/financial

Source: PRNewswire

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