Wednesday, April 30, 2008

Siemens buys into Brockton clean energy project

Siemens Financial Services Inc., the U.S. financing unit of German technology and networking company Siemens AG, has acquired 25 percent of the Brockton Clean Energy Project, a $350 million combined-cycle gas turbine development project from Boston-based Advanced Power North America, a unit of Germany-based alternative energy facility developer Advanced Power AG.

While Siemens and Advanced Power, which is partially owned by England-based private equity firm 3i, have partnered on three other joint ventures, the Brockton Clean Energy Project represents the firms' first collaboration in the U.S.

The Brockton Clean Energy Project aims to build a 350 megawatt natural gas-fired electric generation power plant in the city's Oak Hill Way Industrial Park. When completed, the facility, slated to begin operations in 2011, will eliminate 480 tons of nitrogen oxides, 810 tons of sulfur dioxide and 137,000 tons of carbon dioxide pollution per year, while providing local residents 350 megawatts of power, according to town officials.

The project is the largest single investment in the history of the city, and the project has become the city's largest taxpayer.

Siemens employs 2,600 people at 22 locations in Massachusetts, manufacturing and marketing a number of different products including electronic products, medical technologies and power generation technologies.