Cannon Power Group (San Diego, California) has mandated Deutsche Bank's Trust & Securities Services, which is part of the bank's Global Transaction Banking division, to act as the Administrative Agent and Collateral Agent for the USD 652 million project financing for Cannon Group's Windy Point/Wind Flats project. The wind farm is currently under construction in Washington State, on the Columbia River. Construction of Windy Point started earlier this year.

Paysage from the Windy Point/Windy Flats wind farm site. (Image: Cannon Power Group)

Upon completion of construction work, Wind Point/Wind Flats wind farm will have 500 MW of installed capacity, making it one of the largest on-shore wind farms in North America. It will be able to generate clean electricity for about 250,000 average households in the region.

Deutsche Bank is prociding a comprehensive Administrative Agent service, a very much needed service in order to manage such a large and complex project. In order to help the smooth closing of the transaction, the Deutsche Bank established a USD 150 million escrow account for the project and provided two letters of credit.

[source: Duetsche Bank]