Partnership Building TX Power Plant
Panda Energy International Inc. and PSEG Americas, part of
Public Service Enterprise Group, announced 50-50 joint venture
Texas Independent Energy to develop and operate high efficiency,
low-cost electric power generating plants in Texas.
The alliance's initial venture is a 1,000 MW combined cycle gas
plant in Guadalupe County in South Central Texas, a project
initiated by Panda last year. Maximum daily gas consumption of the
plant is expected to be 170,000 MMBtu, and the average daily
consumption is expected to be 145,000 MMBtu.
The planning of the Guadalupe project is complete and financing
is underway. The project is slated to start construction this
summer and be completed by January 2001. Plans for two other Texas
facilities will be announced shortly, representing an additional
2,000 MW of power generation. Total investment in the three plants
initially will be about $1.3 billion financed with both debt and
Panda Energy International, a privately held company
headquartered in Dallas, operates plants in North Carolina and
Maryland and has additional projects under construction in China
and Nepal. Panda also announced plans earlier this week for a $400
million generating plant near El Dorado, AR.
PSEG Global develops, owns and operates private power and
distribution facilities with at least 26 projects in Argentine,
Brazil, China, India, the U.S. and Venezuela. PSEG Americas is
headquartered in Miami and supported by offices in Ridgewood, NJ;
Sao Paulo; Caracas; and Buenos Aires.
Joe Fisher, Houston
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