CIG: Siemens to build $120 million UK wind turbine plant.

March 29, 2010 - PRLog -- CIG has learned that Siemens has recently followed General Electric Co.’s lead and has also announced its intention to build a $120 million (£80 million) wind turbine manufacturing plant in the UK which is expected to create an estimated 2,200 new jobs in the UK’s rapidly expanding wind energy sector.

This latest project is the third major announcement in the past month for the UK’S burgeoning wind industry with Mitsubishi announcing that it plans to invest almost $150 million in a wind turbine research and development project and GE confirming more recently that it is to invest $148.2 million into building a UK wind turbine manufacturing plant.

Siemens is expected to verify that the new project will create 700 direct jobs and a further 1,500 jobs across the wind energy supply chain.

CIG believes that reports indicate that sources close to the firm have confirmed that a deal has been struck “at the highest possible level of government”, with the new factory likely to be situated on the UK’s east coast.

"Siemens are a world leader in wind technology and this is a fantastic endorsement of the UK as a destination for renewable energy businesses," CIG believes the British Business Secretary Lord Mandelson said. "Siemens' plans will provide hundreds of manufacturing jobs and many more in the supply chain - confirming the UK as a world leader in offshore wind."

# # #

CIG is an exclusive, members only, offshore, private equity, investment firm that provides consulting services to like minded members of the private equity and alternative investment community.