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09/18/2012

Panda Power gets financing for second plant

Panda Power Funds, a Dallas builder of electricity plants that announced plans for a Temple facility just two months ago, said Tuesday it landed financing for another power plant, this one in Sherman. Construction on the 758-megawatt gas-fired plant will start immediately and should be complete by the end of 2014, the company said. Panda did not disclose the amount of financing, other than to say it is senior debt arranged through Goldman Sachs and Credit Suisse. It issued $330 million in high-yield bonds for the Temple project, also a 758-megawatt facility. Both are expected to go into operation in late 2014, about the time Texas officials have warned that the state's largest power grid could be uncomfortably short of power to meet growing demand.

-- Jim Fuquay

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