Panda Power Funds completed the acquisition and financing of Moxie Patriot LLC from a subsidiary of Argan Inc. (NYSE: AGX).
Gemma Power, the Argan subsidiary, has been dunding Moxie Patriot in the development of an 829 MW natural gas-fired power plant in Pennsylvania. Gemma Power Systems was awarded the engineering, procurement and construction (EPC) agreement to design and build the plant. It is expected to be completed in mid-2015.
Panda Power Funds also acquired the 829 MW Panda Liberty natural gas-fired power plant in Pennsylvania earlier in 2013. A separate joint venture between Gemma Power Systems and The Lane Construction Corp. was awarded the EPC agreement.
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