Financing secured for natural gas-fired power plant in Texas

Panda Power Funds on July 18 said its affiliate Panda Temple Power LLC has completed the financing on its planned 758 MW natural gas-fired, combined-cycle power plant in Temple, Texas. Panda Temple Power purchased the order volume, along with a long-term service agreement, for approximately $300 million.

The company will immediately start construction on the 250-acre site and expects commercial operations to begin by the end of 2014.

Panda Power Funds selected a turn-key construction consortium of Bechtel and Siemens Energy Inc. (NYSE: SI) to build the plant. Siemens said the power station will be among the cleanest fossil-fueled plants in the U.S. with carbon monoxide (CO) emissions less than 10 parts-per-million (ppm), and nitrogen oxide (NOx) emissions less than 2 ppm.

Siemens will deliver the power island equipment, including two gas turbines, one steam turbine, three generators and the instrumentation and control system. Bechtel will be responsible for the engineering and procurement for the balance of the plant and the installation, construction and commissioning of the facility.

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