Panda Power Funds commissions 758 MW Texas Power Plant

Dallas-based Panda Power Funds has commissioned the company’s 758 megawatt natural gas-fueled, combined-cycle power plant in Sherman, Texas.

Todd Carter, president and senior partner of Dallas-based Panda Power Funds stated:

“Several years ago, we clearly saw the need for more electric power. That’s why we stepped up and built this plant while the rest of the competition sat on the sidelines. As a Texan, I’m proud that Panda Power Funds is keeping the lights on in Texas. I’m equally proud that we’re doing so in such a clean way.”

The Panda Sherman generation facility was built by a turn-key construction consortium of Bechtel and Siemens Energy Inc. As a part of the construction contract, Siemens provided the power island package including the natural gas turbines, steam turbine and waste heat recovery boilers. Bechtel was responsible for the engineering and procurement for the remainder of the plant, and the installation, construction and commissioning of the facility.

The project financing was provided by Goldman Sachs and Credit Suisse.

The plant can supply the power needs of up to 750,000 homes and should infuse up to US$1.7 billion into the North Texas economy.

The Panda Sherman project has been strategically sited in an area that will serve one of the fastest growing regions of the United States. According to the U.S. Census Bureau’s data as of Sept. 2012, eight of the 15 fastest growing cities in the United States are located in Texas.