Panda Power Funds Expands Sherman, Texas, Power Facility
Panda Power Funds plans a 450 megawatt expansion of its existing 758 megawatt combined cycle natural gas power facility in Sherman, Texas.
Panda Power Funds is a private equity firm headquartered in Dallas, Texas, that can develop, acquire, construct, finance and operate utility-scale, natural gas-fueled power generation facilities. The firm currently has more than 4,700 megawatts of generating capacity under construction or in operation in Texas, Pennsylvania, Virginia and New Jersey.
The project is expected to cost from $200 to $300 million and would create up to 500 jobs during construction. The expansion is scheduled to be completed in 2019. “As Texas continues to grow, so will the demand for electricity,” said Steve Tessem, Vice President of Panda Power Funds. “When the ERCOT market signals the need for more power, we want to be at the ready to serve North Texas.”