Panda Power Funds to build 859 MW plant in Brandywine, Maryland

Panda Power Funds today announced that it intends to build, own and operate an 859-megawatt combined-cycle power plant in an industrial-zoned area of Brandywine, Maryland. Once complete, the natural gas-fueled generating station will be able to supply the power needs of approximately 859,000 homes in the Greater Maryland / Washington D.C. metropolitan area. The facility is expected to contribute approximately $1.2 billion to the area’s economy during construction and the plant’s first 10 years of operation.

The state-of-the-art Panda Mattawoman plant will utilize the latest, most advanced emissions-control technology, making it one of the cleanest, most efficient natural gas-fueled power plants in the nation. 

“Maryland state officials are clearly looking toward the needs of tomorrow, and we look forward to working with them to enhance the future reliability of the region’s power supply,” said Todd W. Carter, president and senior partner of Panda Power Funds. “We also look forward to continuing our relationship with the local community and helping ensure that the Mattawoman generating station is a positive for everyone concerned.” 

“We’re very excited about this project,” said Gwen S. McCall, president and chief executive officer of the Prince George’s County Economic Development Corporation. “This power plant will have a significant impact on our region’s economy for years to come. It will expand the tax base, enlarge payrolls and drive revenues for contractors, suppliers, engineering firms, hotels, restaurants, retailers and a host of other businesses. The plant will create an estimated 700-800 union construction jobs, 25 direct jobs to run the facility and 32 indirect jobs to support it. This is great for Southern Maryland.”

http://finance.yahoo.com/news/panda-power-funds-build-859-144800692.html