Panda Power Funds plans to expand the generating capacity of a natural gas-fired combined-cycle power plant in Texas by more than 50 percent.
The $200 to $300 million project is expected to increase the capacity of the 758-MW plant by 450 MW. The expansion is scheduled to be completed in 2019 and create up to 500 jobs during construction. In Sherman’s Progress Park. The Sherman Economic Development Corp. approved a $2.5 million development incentive for the project that will be paid in three installments based on performance criteria.
Panda Power Funds currently owns more than 4,700-MW of generating capacity under construction or operating in Texas, Pennsylvania, Virginia and New Jersey, along with a 927-MW project in advanced development in Maryland.