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Old Posted Jul 19, 2012, 4:55 AM
JoninATX JoninATX is offline
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Panda Power Funds Secures Financing for Temple Power Plant

Panda Power Funds Secures Financing for Temple, Texas Power Plant - 758-megawatt facility will add needed capacity for Texas - Plant expected to contribute up to $1.6 billion to area economy; create 700-800 jobs

DALLAS - July 18, 2012 - Panda Power Funds today announced that its affiliate Panda Temple Power, LLC has successfully completed the financing on its planned 758-megawatt natural gas-fueled, combined-cycle power plant in Temple, Texas. The company will immediately start construction on the 250-acre site and expects commercial operations to begin by the end of 2014.

The state-of-the-art plant will utilize the latest, most advanced combustion turbine and emissions-control technology, making it one of the cleanest, most efficient natural gas-fueled power plants in the United States.

"It has been an uphill battle, in a very difficult financial market, to get this project off the drawing board and out of the ground," said Todd W. Carter, president and senior partner of Panda Power Funds. "Since the beginning, our team never lost sight that Texas needs the power. Thanks to our financial partners, our Panda team and the strong backing of state and local officials, the State of Texas will soon be the beneficiary of critically needed electricity, more jobs and greater economic development."

Temple, Texas Mayor Bill Jones said the generating facility will provide the power necessary to locate future industries and jobs in the Central Texas area. "Equally important, this plant will enhance Temple's economy in the near term as well."

Lee Peterson, president of the Temple Economic Development Corporation added, "The Panda Temple plant will enlarge payrolls, expand the tax base and drive revenues for contractors, suppliers, service providers, hotels, restaurants, retailers and a host of other businesses."

According to an economic impact analysis conducted by Impact Data Source of Austin, Texas, the construction and ongoing operation of the plant is expected to contribute up to $1.6 billion into the area's economy during construction and the plant's first 10 years of operation.
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