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Virginia Officials Join Panda Power Funds to Break Ground on 778-MW Natural Gas Power Plant
Virginia Attorney General Mark Herring, U.S. Representative Barbara Comstock and Loudoun County Board of Supervisors Chairman Scott K. York to break ground
- Plant will power up to 778,000 homes in Northern Virginia and the District of Columbia
- Plant expected to contribute up to $7.1 billion to area economy; create 800 construction jobs
- One of the cleanest natural gas-fueled power plants in the nation
- Turn-key consortium of Bechtel and Siemens Energy Inc. to build the plant
Thursday, August 6, 2015 9:30 am CDT
LEESBURG, Va. & WASHINGTON
"We are proud to support the Commonwealth’s economy. We are equally proud to supply Virginia and the District of Columbia with clean, reliable energy that will support the needs of current and future generations for decades."
LEESBURG, Va. & WASHINGTON--(BUSINESS WIRE)--Elected officials from the Commonwealth of Virginia joined Panda Power Funds Thursday to break ground on the company’s 778-megawatt “Stonewall” generating station located in Loudoun County, Va. The combined-cycle power plant will be one of the newest, cleanest and most efficient natural gas-fueled power facilities in the United States. The plant is expected to enter commercial service on June 1, 2017 and will be able to supply the power needs of approximately 778,000 homes in the Northern Virginia/District of Columbia metropolitan area.
The Stonewall project marked the sixth financing of a large scale power facility by Panda Power Funds in a three year period, representing approximately $5 billion in total combined capital. The Stonewall facility itself raised debt capital of approximately $570 million. Panda Power Funds is also supplying equity capital for the power project along with large institutional co-investors, including Siemens Financial Services.
“The Panda Stonewall project will contribute an estimated $7.1 billion to Virginia’s economy during construction and the plant’s first 10 years of operation,” said Todd W. Carter, president and senior partner of Dallas-based Panda Power Funds. “We are proud to support the Commonwealth’s economy. We are equally proud to supply Virginia and the District of Columbia with clean, reliable energy that will support the needs of current and future generations for decades.”
The Panda Stonewall facility has been strategically sited approximately 4 miles southeast of Leesburg, Virginia, in one of the fastest growing metropolitan areas of the United States. According to a June 2015 study conducted by the George Mason Center for Regional Analysis, the Greater Washington region is projected to add more than 410,000 new households by 2023 as a result of robust job growth. Nearly half of these jobs will be located in Northern Virginia with Loudoun County accounting for 9.3 percent of the jobs and neighboring Fairfax County accounting for 15.5 percent.
The Panda Stonewall plant has been purposefully designed to minimize impacts to the local community. The state-of-the-art facility will utilize the latest, most advanced emissions-control technology. The generating station will also use reclaimed municipal waste water from the Town of Leesburg to cool the plant, conserving the Commonwealth’s natural supply of drinking water.
Putting to use waste water that would normally be diverted to the Potomac River subsequently prevents the discharge of harmful nutrients into the environmentally sensitive Chesapeake Bay watershed. Additionally, the Stonewall plant will be a “zero-liquid-discharge” power facility.
The plant’s location is well screened by a naturally wooded area. The facility is also being built along existing transmission, eliminating the need for additional power lines.
Approximately 800 jobs will be created to construct the power plant at peak construction. During operations, the generating station will create approximately 30 long-term jobs.
Panda Power Funds selected a turn-key consortium of Siemens Energy Inc. and Bechtel Power Corp. to build the Stonewall facility. Siemens will provide the power island package including the natural gas turbines, steam turbine, generators, heat recovery steam generators, and instrumentation and controls systems. The turbines for the Stonewall generating station will be manufactured at Siemens’ manufacturing facility in Charlotte, North Carolina.
Bechtel will be responsible for the engineering and procurement for the balance of the plant, and the installation, construction and commissioning of the facility.
Panda began construction of the Panda Stonewall project in early March. Construction will be completed in approximately 22 months.
About Panda Power Funds
Founded in 2010, Panda Power Funds is a private equity firm headquartered in Dallas, Texas that can develop, acquire, construct, finance and operate large-scale, natural gas-fueled power generation facilities. Panda has three combined-cycle power plants in operation in Texas totaling 2,274 megawatts, three combined-cycle power plants currently under construction in Pennsylvania and Virginia with a total capacity of 2,436 megawatts, and two combined-cycle power plants in advanced development in Pennsylvania and Maryland totaling 1,951 megawatts. 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.