FREDERICK, MD--(Marketwire - Sep 18, 2012) - Bechtel announced today the company was awarded the engineering, procurement, and construction contract to build a natural gas-fueled, combined-cycle power plant for Panda Sherman Power, LLC, an affiliate of Panda Power Funds. Bechtel and Siemens formed a consortium to design and build the 758-megawatt facility in Sherman, Texas, north of Dallas. This is the second project Bechtel and Siemens are building for Panda Power Funds. The consortium is also designing and building the Panda Temple Generating Station, another 758-megawatt natural gas-fueled combined-cycle plant in Texas.
Bechtel will be responsible for the engineering, procurement, construction, and commissioning of the facility. Siemens will provide the power-island package including the natural gas and steam turbines and waste heat recovery boilers.
"This will be a state-of-the-art facility that will put people to work and bring much needed power to the state of Texas," said Jeff Brightman, president of Bechtel's fossil power business. "As one of the largest employers of craft construction professionals in the state, we will hire local workers and suppliers, and make a positive impact in the community for decades to come."
The Panda Sherman Power Project will be supported by 700-800 jobs. The facility will be one of the most efficient natural gas-fueled power plants in the United States and will provide clean energy to approximately 750,000 homes in Texas. Construction will start on the 204-acre site immediately, and commercial operations are expected to begin in 2014.
With more than 60 years of global experience in the power industry, Bechtel has successfully completed combined-cycle projects in the United States, United Kingdom, Egypt, India, Turkey, and Mexico.
Bechtel is among the most respected engineering, project management, and construction companies in the world. We stand apart for our ability to get the job done right -- no matter how big, how complex or how remote. Bechtel operates through five global business units that specialize in civil infrastructure; power generation, communications and transmission; mining and metals; oil, gas and chemicals; and government services.
Since its founding in 1898, Bechtel has worked on more than 22,000 projects in 140 countries on all seven continents. Today, our 53,000 employees team with customers, partners and suppliers on diverse projects in nearly 50 countries. www.bechtel.com.
About Panda Power Funds, LP:
Founded in 2010, Panda Power Funds is a private equity firm located 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 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.