Panda Power Funds - Patriot Power Project
Financing the construction of the Panda Patriot Station
Panda sought financing support for the construction of Patriot, a natural gas-fired combined cycle power plant in Lycoming County, Pennsylvania. The 829 MW project is expected to supply the power needs of up to 1 million homes in northern Pennsylvania. The Patriot Power Plant is projected to begin commercial operation in the second quarter of 2016.
Siemens Financial Services (SFS) is supporting the project's construction financing with a commitment of $75 million. The project features Siemens turbines and generators, and Siemens will provide maintenance and service for the main components of the gas turbine. Siemens has also committed to help with all long-term maintenance of the turbine under a long-term service agreement.
Siemens provided financial support, in addition to equipment and services. The Patriot Plant will make a significant economic contribution to the area during construction and its operating lifecycle. SFS and Panda Power have an established relationship, and Patriot is one of several recent projects SFS has supported.