Panda Power Funds - Temple II Power Project
Construction financing for combined cycle power plant in Texas region
The Panda Temple II power plant will be the third natural gas-fuelled energy facility built by Panda Power Funds (Panda), in Texas. Panda sought financing support to partially fund the construction of a 758 MW natural gas-fired combined cycle power plant (CCPP) approximately 70 miles north of Austin. This CCPP is projected to power nearly 750k homes once complete.
Siemens Financial Services' (SFS) Energy finance team committed to fund up to $20 million of the project’s construction financing. This was included into the overall $372 million debt financing package leveraged for this project. In partnership with Siemens' Energy, Siemens manufactured gas and steam turbines and generators for the CCPP. Once complete, the Panda Temple II site is expected to have a gross installed electrical capacity of nearly 758 megawatts.
With Siemens' joint sustainable energy solutions, Panda Temple II is among the cleanest fossil-fueled plants in the United States. Under operation since end of 2015, the power generating station is able to meet the energy needs of many homes in the central Texas area. Siemens has demonstrated its ability to be a one-stop shop, providing both equipment and financing solutions to Panda Power, a highly valued customer.
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.