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Siemens Financial Services, Inc. Provides $178 Million Senior Secured Credit Facility to Windy Point Partners II, LLC.

Posted on: Monday, 12 October 2009, 07:00 CDT

ISELIN, N.J., Oct. 12 /PRNewswire-FirstCall/ -- Siemens Financial Services, Inc. (SFS Inc.) announced today that it has provided a $178 million senior secured credit facility to Windy Point Partners II, LLC, 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 recapitalize a portion of an existing credit facility.

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

"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," said Roland Chalons-Browne, president and CEO of SFS Inc. He continued, "With Siemens leading technology in this sector, SFS Inc. is ideally positioned to provide complete financial solutions for energy projects with Siemens customers."

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

"SFS Inc. continues to establish itself as a part of the wind financing community through deals such as the Windy Flats expansion project," said Kirk Edelman, Senior Vice President and General Manager of SFS Inc.'s energy finance team. "As the demand for wind power grows in the U.S., SFS Inc. will continue to support alternative energy projects with our flexible financial solutions."

About Siemens Financial Services

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 GmbH, Munich, we support Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare. We finance infrastructure, equipment and working capital and act as a competent manager of financial risks within Siemens. By leveraging our financing expertise and our industrial know-how we create value for our customers and help them strengthen their competitiveness. Further information: www.siemens.com/finance.

Siemens Financial Services, Inc. (SFS Inc.) the US unit of Siemens Financial Services is a leading provider of business-to-business financial services in the United States. SFS Inc. 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: www.usa.siemens.com/financial.

About Siemens

Siemens AG (NYSE: SI) is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy and healthcare sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. With 428,000 employees in 190 countries, Siemens reported worldwide sales of $116.6 billion in fiscal 2008. With its U.S. corporate headquarters in New York City, Siemens in the USA reported sales of $22.4 billion and employs approximately 69,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com

SOURCE Siemens Financial Services, Inc.

Source: PR Newswire

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