Deutsche Banks Trust & Securities Services division has been mandated by San Diego-based Cannon Power Group to act as the administrative agent and collateral agent on a $652 million project financing for the expansion of its Windy Point/Windy Flats wind energy project, currently under construction along the Columbia River in Washington State.
Once completed, Windy Point/Windy Flats will total 500 megawatts, enough generating capacity to provide clean energy to 250,000 households and displace more than 800 metric tons of CO2 annually. Under the provisions of the American Recovery and Reinvestment Act of 2009, Cannon Power Group was able to take advantage of the Section 1603 Treasury Grant program, designed to encourage the development of renewable energy projects. The project is being financed by HSH Nordbank and Siemens Financial Services, Inc.
Deutsche Bank also established a $150 million escrow account and provided two letters of credit to aid in the closing of the transaction.
We are pleased to play a role in this important renewable energy project, said Kevin Plein, Head of Americas Debt and Agency Services at Deutsche Bank. This appointment emphasizes our capabilities and commitment to servicing the project finance marketplace.