Panda Power Funds buys interest in combined-cycle natural gas-fired project

Panda Power Funds acquired a majority interest in a planned 750 MW combined-cycle natural gas-fired power plant in Virginia. The Stonewall power plant is expected to enter commercial operations during spring of 2017.

Co-owners of the Stonewall project include Bechtel Development, a unit of Bechtel Corp., and Green Energy Partners/Stonewall, the original developer. Bechtel is the engineering, procurement and construction contractor.

The plant has been designed in anticipation of greenhouse gas regulations and will meet the U.S. Environmental Protection Agency’s new carbon emissions standards, Panda Power Funds said in a statement. Construction is expected to take 30 months and will begin upon financing, regulatory approvals and other conditions. The project already received its air permit from the Virginia Department of Environmental Quality in April 2013.

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