Siemens Energy to expand (Charlotte)

Siemens Energy on Thursday will announce an expansion — its second in Charlotte in less than a year — that should bring more than 800 jobs and at least $170 million in local investment over five years.

State officials are expected to release further details Thursday, including figures on public subsidies, on the formerly top-secret economic-development venture known as Project Cardinal.

Siemens Energy develops and builds power plants and generator components, including wind turbines, at its facility at 5101 Westinghouse Blvd., where the company owns 292 acres. A new manufacturing facility is expected to be built to accommodate the new production.

Siemens will finance the massive expansion in large part through a tax-exempt bond program created through the American Recovery and Reinvestment Act. Local and state officials have been working on awarding more than $131 million in Recovery Zone stimulus bonds for Project Cardinal.

Read the full story in the Charlotte Business Journal.