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DALLAS--(BUSINESS WIRE)--Sep 25, 2014--Panda Power Funds was joined today by officials from across the Lone Star State to dedicate the company’s 758 megawatt natural gas-fueled, combined-cycle power plant in Temple, Texas. The plant has been strategically located to meet electricity demand in the “Texas Triangle,” an area bordered by Dallas, Austin, San Antonio and Houston — which are four of the fastest growing metropolitan areas in the United States. The Panda Temple facility has the capacity to continuously supply the power needs of up to 750,000 homes within the 60,000 square mile region.
The 1,516 MW Panda Temple Power Plant is Being Built in Two 758 MW Phases (Photo: Business Wire)
The Panda Temple plant is one of the most advanced gas-fueled power stations in the nation, utilizing state-of-the-art generation and emissions-control technology. As a result, the plant has established new standards within its class in the U.S. power industry.
“The Temple power plant represents the very best of what the power industry has to offer and is light years ahead of the competition,” said Todd Carter, president and senior partner of Panda Power Funds. “At present, it is one of the most efficient, cleanest, fastest starting and best performing combined-cycle power plants in the entire U.S. fleet.”
Advanced Design Provides Advanced Performance
Unlike traditional power generation facilities that marry gas generation, steam generation and thermal equipment from different manufacturers — the power island package at the Panda Temple plant was engineered by Siemens Energy as a completely integrated unit. Such a design provides for higher levels of plant efficiency and output.
The combustion turbines were also proactively designed to be upgraded during the useful life of the plant and will allow it to keep pace with advancements in generation technology. Consequently, the plant’s efficiency, startup speed, ramp rates and turn-down capabilities are expected to improve over time.
Designed for the Texas electricity market
The Panda Temple generating station has been designed to meet the strenuous demands of the growing Texas electricity market. The state is in need of new generating capacity to keep pace with a population that is currently expanding by more than 1,000 people a day.
Accordingly, Panda designed the plant with “quick-start” capabilities to meet the challenges posed by Texas’ vast amount of wind generation. The combustion turbines can synchronize in 10 minutes and reach full load within 30 minutes. The entire plant can achieve full power production within 60 minutes to make up for lost power when the wind stops blowing.
By closing the generating gap caused by intermittent renewable energy, the Panda Temple plant is able to help support both the integrity of the state’s electricity grid and the development of additional renewable generation in Texas.
The plant has also been designed with gas turbines that operate at a higher power output during high temperature conditions. This capability is ideal for the Texas market given the state’s normally hot summers which put an increased strain on the state’s power grid.
Financing and Economic Impact
The 2012 financing of the Panda Temple plant was widely reported as a breakthrough for the U.S. project-finance market. The financing represented the first time in six years that institutional investors had financed a capital intensive construction project in the United States with a term loan. Panda Power Funds was credited with helping to establish the Term Loan B banking market and was subsequently honored with the 2012 “Power Deal of the Year – Americas” award by UK-based Thomson Reuters’ Project Finance International Magazine and the “North American Merchant Power Deal of the Year 2012” award by U.S.-based Project Finance Magazine.
According to an economic analysis conducted by Impact Data Source of Austin, Texas, the plant is expected to contribute up to $1.6 billion to the Central Texas economy during the now-completed construction phase and the plant’s first 10 years of operation.
Bechtel and Siemens Energy Construction Consortium
The Panda Temple generation facility was built by a turn-key construction consortium of Bechtel and Siemens Energy Inc. Siemens is one of the world’s largest suppliers of turbine technology. 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. The turbines and generators were manufactured at Siemens’ factory in Charlotte, North Carolina.
Bechtel is the largest engineering, procurement, and construction company in the United States and one of the largest in the world. Bechtel was responsible for the engineering and procurement for the remainder of the plant, and the installation, construction and commissioning of the facility. About 70 percent of the project’s subcontractors and 80 percent of Bechtel’s craft workers were from Texas. The team delivered a quality facility, which was completed ahead of schedule, on budget and with no lost-time safety accidents.
Bechtel and Siemens Energy are currently building the Panda Temple II power project, a 758 megawatt expansion that will double the size of the Temple plant to 1,516 megawatts, or enough power to supply the needs of up to 1.5 million homes. The Temple II project will share common facilities, laterals and operations with the Temple I project, creating economic benefits for each plant. Both facilities will be supplied with natural gas from Texas producers. The Temple II expansion is expected to come online during the summer of 2015.
The Panda Temple I and II generating stations are located at the Synergy Industrial Park in South Temple.
About Panda Power Funds, LP
Founded in 2010, Panda Power Funds is a private equity firm headquartered in Dallas, Texas, that has the ability to develop, acquire, construct, finance and operate utility-scale, natural gas-fueled power generation facilities. Panda has two 758 megawatt combined-cycle power plants in operation in Temple and Sherman, Texas and three combined-cycle power plants currently under construction in Texas and Pennsylvania with a total capacity of more than 2,400 megawatts. Panda Power Funds also has two power projects in advanced development: a 778 megawatt combined-cycle power plant in Northern Virginia and an 859 megawatt power facility in Southern Maryland. The fund built a 20 megawatt solar farm in Southwest New Jersey that is one of the largest solar facilities in the Northeast United States. Additional information on Panda Power Funds can be found at www.pandafunds.com.
Photos/Multimedia Gallery Available:http://www.businesswire.com/multimedia/home/20140925005029/en/
CONTACT: Panda Power Funds
Bill Pentak, 972-361-1214
breakingnews@pandafunds.com
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY UTILITIES
SOURCE: Panda Power Funds
Copyright Business Wire 2014
PUB: 09/25/2014 10:00 AM/DISC: 09/25/2014 10:00 AM
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