Construction begins on combined-cycle natural gas-fired power plant

Panda Power Funds broke ground on the 758 MW Panda Temple Generating Station in Temple, Texas.

The natural gas-fired combined-cycle power plant will be built by a turnkey construction consortium of Bechtel and Siemens Energy Inc. (NYSE: SI). Siemens will provide the power island package including the gas turbines, steam turbine and waste heat recovery boilers. Bechtel will be responsible for the engineering and procurement for the balance of the plant, and the installation, construction and commissioning of the plant.

Panda Temple Power LLC, an affiliate of Panda Power Funds, purchased the order volume, along with a long-term service agreement, for approximately $300 million in July. Construction is expected to be completed in 2014.

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