Deutsche Bank Mandated as Administrative Agent, Collateral Agent and Securities Intermediary on Cannon Power Group’s Windy Point Renewable Energy Project

NEW YORK--(BUSINESS WIRE)--Deutsche Bank’s Trust & Securities Services, part of the Bank’s Global Transaction Banking 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.

“This appointment emphasizes our capabilities and commitment to servicing the project finance marketplace.”

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 is providing a comprehensive Administrative Agent service, which is central to the efficient management of complex project financings. This is one of Deutsche Bank’s suite of administrative services for project financings which also includes Collateral Agent, Depositary Agent and Paying Agent services. Deutsche Bank also established a $150 million escrow account and provided two letters of credit to aid in the smooth 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.”

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,530 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

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About Trust & Securities Services

Deutsche Bank’s Trust & Securities Services business, part of Global Transaction Banking, is one of the leading providers of trustee, agent, depositary, registrar, SPV management and related services for a wide range of financial structures and transactions. It is a leading depositary for American and Global Depositary Receipts, provides fund and hedge fund administration and, through a fully integrated network of specialist offices worldwide, provides domestic custody services in more than 30 securities markets.

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