Siemens Financial Services, Inc. (SFS) the U.S. financing unit of Siemens AG (NYSE: SI) 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.
The 350 megawatt (MW) 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.
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.
The Brockton Clean Energy project has been environmentally certified by the state of Massachusetts and is expected to begin operations in 2011. Its 350 MW of additional capacity will come online at a critical time for the communities in the area, where the 30,000 MW ISO-New England grid operator forecasts a 4,000 MW energy shortage by 2015.
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: www.siemens.com/finance
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 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.
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