• Sixth project awarded by Panda Power Funds
• Installed electrical generating capacity of 778 megawatts
• Siemens Financial Services provides USD75 million equity investment
Siemens, in consortium with Bechtel, has been awarded the order for the turnkey supply for Panda Power Funds’ Stonewall Energy Project in Leesburg, Virginia, USA. 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 CCPP will have a gross installed electrical capacity of 778 megawatts (MW). Once built, it can supply the power for up to 778,000 households in Virginia and will make a significant contribution to the area’s economy. 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.
“We are proud to continue our successful partnership with the Panda Power Funds. This is the sixth project in a short period that we were awarded by Panda. It shows that we are continuously creating sustainable value for Panda with our experience in building successful turnkey power plant solutions,” said Martin Tartibi, Head of Gas Turbine Power Plant Solutions Americas at Siemens Power and Gas.
“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.”
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 USD75 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.
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is No. 1 in offshore wind turbine construction, a leading supplier of combined cycle turbines for power generation, a major provider of power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2014, which ended on September 30, 2014, Siemens generated revenue from continuing operations of €71.9 billion and net income of €5.5 billion. At the end of September 2014, the company had around 357,000 employees worldwide. Further information is available on the Internet at www.siemens.com.
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