2013-08-19 11:22 PM
DALLAS--(BUSINESS WIRE)--Aug 19, 2013--Panda Power Funds today announced that it intends to build, own and operate an 859-megawatt combined-cycle power plant in an industrial-zoned area of Brandywine, Maryland. Once complete, the natural gas-fueled generating station will be able to supply the power needs of approximately 859,000 homes in the Greater Maryland / Washington D.C. metropolitan area. The facility is expected to contribute approximately $1.2 billion to the area's economy during construction and the plant's first 10 years of operation.
The state-of-the-art Panda Mattawoman plant will utilize the latest, most advanced emissions-control technology, making it one of the cleanest, most efficient natural gas-fueled power plants in the nation.
"Maryland state officials are clearly looking toward the needs of tomorrow, and we look forward to working with them to enhance the future reliability of the region's power supply," said Todd W. Carter, president and senior partner of Panda Power Funds. "We also look forward to continuing our relationship with the local community and helping ensure that the Mattawoman generating station is a positive for everyone concerned."
"We're very excited about this project," said Gwen S. McCall, president and chief executive officer of the Prince George's County Economic Development Corporation. "This power plant will have a significant impact on our region's economy for years to come. It will expand the tax base, enlarge payrolls and drive revenues for contractors, suppliers, engineering firms, hotels, restaurants, retailers and a host of other businesses. The plant will create an estimated 700-800 union construction jobs, 25 direct jobs to run the facility and 32 indirect jobs to support it. This is great for Southern Maryland."
M.H. Jim Estepp, president and chief executive officer of the?Greater Prince George's Business Roundtable said Panda representatives have continuously reached out to community leaders since the beginning of the site selection process. "They've done an especially good job of listening to the people of Prince George's and Charles' Counties and incorporating what they've learned into the design of their plant."
Panda has taken great care to minimize impacts to the local community. The plant will be located in an existing "I-2" heavy industrial zone, not a rural tier, in order to preserve home values. To reduce sightlines, the facility has been designed with one of the lowest profiles of any power plant in the United States. By comparison, the plant will be 26 feet lower than a nearby weather radar. The plant will have a setback of approximately 565 yards from the nearest road, will be heavily buffered by trees and further shielded from view with berms and landscaping.
The Mattawoman plant will also be a "zero-liquid-discharge" plant, returning no waste water to a treatment facility and subsequently preventing the discharge of harmful nutrients into the Chesapeake Bay. In addition, potable water will not be used in the operation of the plant. The generating station will instead use recycled municipal waste water for cooling purposes in order to help conserve the state's natural supply of drinking water.
The Panda Mattawoman plant will be located between Air Force road and the CSX rail line off Brandywine Road. Construction of the Mattawoman project will take approximately 30 months and is dependent upon financing, regulatory approvals and other conditions.
About Panda Power Funds, LP
Founded in 2010, Panda Power Funds is a private equity firm headquartered in Dallas, Texas, which has the ability to internally source and develop, acquire, invest in, and operate large-scale, natural gas-fueled power generation facilities. The firm has a combined-cycle power plant being built in two phases in Temple, Texas totaling 1,516 megawatts and a 758 megawatt combined-cycle power plant under construction in Sherman, Texas. The company recently built a utility-scale, 20-megawatt solar farm in Pilesgrove, New Jersey -- one of the largest solar farms in the northeast United States. Additional information on Panda Power Funds can be found at? www.pandafunds.com.
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CONTACT: Panda Power Funds
Bill Pentak, 972-361-2000
KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA MARYLAND TEXAS
INDUSTRY KEYWORD: ENERGY OIL/GAS UTILITIES ENVIRONMENT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Panda Power Funds
Copyright Business Wire 2013
PUB: 08/19/2013 10:48 /DISC: 08/19/2013 10:48