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04/04/2013

Panda Power lands financing for second electricity plant in Temple

Dallas-based Panda Power, which in the past eight months has announced natural gas-fired power plants in Temple and Sherman, said today it has the financing for a second Temple unit, which it expects to go into operation by summer 2015. Panda said the new combined-cycle facility will be 758 megawatts, the same size as its first Temple unit, which was announced in July 2012. Combined cycle refers to a power plant that burns natural gas in a turbine to spin a generator, then uses exhaust heat from the turbine to make steam to drive another turbine and generator. Panda has not disclosed the cost of its projects, but in July it said it signed a $300 million contract with Siemens AG for construction and long-term service. A consortium of Siemens and Bechtel will build the newly announced unit. Panda's Sherman unit, announced in September, is of identical size. The first Temple unit and the Sherman unit are both expected to go into operation by late 2014.

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