Cannon Power Group Secures Grant for Expanding Windy Point-Windy Flats Wind Projects

Hunton & Williams LLP has helped renewable energy company Cannon Power Group to secure a Section 1603 Treasury cash grant by means of the American Recovery & Reinvestment Act of 2009 (ARRA). These funds will be utilized by Cannon Power Group for expanding its Windy Point/Windy Flats wind projects. As on date, the total investment of Cannon Power Group in the projects crosses $1 billion.

The grant will be utilized by Cannon Power Group to purchase wind turbines that will be used for the production of wind power as well as other project expenses. Expanding the project to 500 MW capacity from 400 MW capacity will be also be facilitated through this grant. In October 2009, Cannon Power Group secured a $178-million financing agreement with Siemens Financial Services, Inc. for expanding the project by 60 MW capacity. This financing deal was also represented by Hunton & Williams. Currently, Cannon Power Group has more than 300 MW capacity under development in Europe and western North America.

The renewable energy team of Hunton & Williams comprises internationally-qualified, dedicated lawyers with rich experience in crucial areas such as natural and energy resources regulation, international banking and project finance.