Siemens subsidiary and WKN Windkraft Nord AG establish joint venture for wind-energy projects in central and eastern Europe

Munich, Nov 3, 2006 - Siemens Project Ventures GmbH (SPV), a subsidiary of Siemens Financial Services, and WKN Windkraft Nord AG have founded the joint venture "Innovative Wind Concepts GmbH" (IWC) effective October 30, 2006. IWC GmbH will develop and realize wind-energy projects in central and eastern Europe. The two partners each hold 50 percent of the shares. The new company will be based in the House of Future Energies (Haus der Zukunftsenergien) in Husum, northern Germany, also the headquarters of WKN AG.

The partners, Siemens Project Ventures and WKN, will contribute their respective experience and strengths in equal parts to future joint projects. SPV invests equity in infrastructure projects worldwide with a special focus to date on energy, telecommunications and airports. SPV currently hold stakes in seven international projects with a total volume of US$4 billion.

"Wind energy is one of the future’s key markets for alternative energies. With WKN AG, we’ve found an ideal partner for this fast-growing business field. Siemens Project Ventures GmbH has extensive in-depth experience in developing international infrastructure projects and can in this way broaden its investment base" notes Hans-Joachim Schulz, Managing Director of Siemens Project Ventures.

Christian Clausen, a member of WKN Windkraft Nord AG’s Management Board, adds: "Projects in central and eastern Europe will complement our international activities exceptionally well. We have no doubt that we can operate successfully in these markets together with Siemens Project Ventures"

Wind energy is the fastest-growing segment among alternative energies. According to Siemens estimates, the share of wind energy in renewable energies will double by 2010.

Information number: SFS 2006.13e

WKN Windkraft Nord AG has been active in developing, constructing and operating turnkey wind parks in Germany since 1990. In addition, WKN AG is expanding into other European markets and has subsidiaries in several European countries and the United States. WKN AG is part of the innovative business network "Haus der Zukunftsenergien" in Husum, which has established itself as a center of competence for renewable energies in Germany. The company is a fully owned subsidiary of BGZ Beteiligungsgesellschaft Zukunftsenergien AG. More information under: www.wkn-ag.de.

Siemens Project Ventures GmbH, a fully owned subsidiary of Siemens Financial Services GmbH, invests equity in infrastructure projects worldwide. SPV’s investments focus on the power plant, telecommunication and transportation sectors. SPV currently participates in seven different projects with a total project volume of about US$4 billion.

With its roughly 1,700 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, the Siemens Financial Services (SFS) Group offers a broad range of financial services. This covers everything from sales and investment financing to treasury services, fund management and insurance brokerage. SFS’s key customers are above all internationally active industrial and services companies, as well as public-sector operators. More information under: www.sfs.siemens.com.

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