Siemens Says It’s In Demand for Debt, Equity
Germany’s Siemens AG, best known for its engineering and industrial products, also has a financial services arm that accepted 6.3 billion euros ($8.8 billion) of new business in 2011.
At a time when European economies and their banks are struggling to escape from recession, developers of wind farms and solar parks are asking manufacturers like Siemens and General Electric Co. to become anchor investors, supplying equity, debt or types of capital in between.
Kirk Edelman, global head of project and structured finance for energy at Siemens Financial Services, told Clean Energy & Carbon Brief how renewable energy is growing in the division’s portfolio.
Q: How active are you in providing finance to renewable energy projects?
A: We try to leverage the inherent advantage we think we have in markets where Siemens is active as a supplier of equipment. If you are trying to develop a major project, raising the necessary capital is a big challenge, so developers often look at the stakeholders, including the equipment suppliers and engineering, procurement and construction contractors, and ask them to provide capital …