Siemens (NYSE: SI) in consortium with Bechtel, has been awarded the order for the turnkey supply of Panda Power Funds' Stonewall Energy Project in Leesburg, Virginia. Following the power projects Temple I and Temple II, Sherman, Liberty and Patriot, this is the sixth order awarded to Siemens by Panda Power Funds. The natural-gas-fired Leesburg combined cycle power plant (CCPP) will have a gross installed electrical capacity of 778 megawatts (MW). Commissioning of the plant is scheduled for spring 2017.
For the Panda Stonewall CCPP, Siemens will deliver the power island equipment, including two SGT6-5000F gas turbines, one SST6-5000 steam turbine with an SCon-4000 condenser, two SGen6-1000A generators, one SGen6-2000H generator and two NEM duct-fired heat recovery steam generators along with the complete electrical system and SPPA-T3000 instrumentation and control system. Bechtel will be responsible for the engineering and procurement for the balance of the plant, and the installation, construction and commissioning of the facility.
In order to secure funds for the project, a finance package utilizing senior debt, mezzanine debt and equity has been obtained to cover the total project costs. In support of this package, the Financial Services Division of Siemens is also making a $75 million equity investment.
"The fact that Stonewall is located in a high load-growth market and is being managed by a highly experienced team means there is a strong investment case for the project. Siemens' partnership with Panda Power Funds exemplifies two strong contenders in the power generation market so we are very pleased to support the project on the financing side," said Kirk Edelman, CEO of Siemens Financial Services Project and Structured Finance Power, Oil & Gas.
The gas turbines, steam turbines and generators will be manufactured in the Siemens factory in Charlotte, North Carolina, which is the main production facility for Siemens 60 Hz power generation.
In 2012, Siemens received the first two orders from Panda Power Funds for the turnkey supply of the Panda Temple Power Project in Temple I, Texas as well as the Panda Sherman Power Project in Sherman, Texas, also in consortium with Bechtel. In 2013 three more orders followed – the turnkey supply in consortium with Bechtel of Panda Temple II, two integrated power islands with H-class technology for the Liberty CCPP, and for the Patriot CCPP, both located in Pennsylvania.