Panda Power Funds - Stonewall Power Project
Equity solution, in conjunction with Siemens Energy, creates sustainable energy solution
Loudon County, Virginia is one of the fastest growing counties in the state of Virginia. With a rapidly growing population and 100% power export from neighboring counties - Panda Power Funds saw an opportunity. The equity firm set out to build a clean, natural gas fueled power plant in this county which could power up to 778,000 homes in the growing Virginia and District of Columbia region. This project will provide significant contribution to the area, including creating up to 600 construction jobs
Siemens Financial Solution
Panda Power Funds turned to Siemens for a holistic solution for both financial and energy needs. Siemens Financial provided a $75 million equity investment allowing the organization to finance the creation of the new plant. In addition, Siemens Energy supplied gas turbines, steam turbines and generators to help Panda Power Funds deliver on their natural gas promise.
“The fact that the Panda Stonewall site 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.
Panda Power Funds is now able to build one of the cleanest natural gas-fueled power plants in the nation. The United States is in the early stages of an energy revolution away from coal toward clean natural gas. Three years ago, Panda Power Funds set out to help drive that revolution by building the cleanest, most efficient fleet of natural gas-fueled power plants in the nation. Siemens' joint energy and financial offerings enable the customer to deliver on their value proposition to provide cleaner energy to the DC area.
Siemens Financial Services has provided financing for all of Panda Power Fund's large scale power facility projects. These projects include; Temple I, Sherman, Temple II, Liberty, Patriot and most recently Stonewall.
“Siemens continues to deliver outstanding customer service, superior technological solutions and great attention to detail,” said Todd Carter, president and senior partner of Panda Power Funds. “Equally important, they stand solidly behind their work. We are happy to work with them on another Panda project.”
Panda Power Funds will immediately begin construction on the 101-acre site and expects the facility to enter commercial operations during the spring of 2017.