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Partnership Building TX Power Plant

April 12, 1999
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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 equity.

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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