Panda Energy International Inc. and PSEG Americas, part ofPublic Service Enterprise Group, announced 50-50 joint ventureTexas 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-megawatt combinedcycle gas plant in Guadalupe County in South Central Texas, aproject initiated by Panda last year. The development of theGuadalupe project is complete and financing is underway. Theproject is slated to start construction this summer and becompleted by January 2001. Plans for two other Texas facilitieswill be announced shortly, representing an additional 2,000 MW ofpower generation. Total investment in the three plants initiallywill be about $1.3 billion financed with both debt and equity.
Panda Energy International, a privately held companyheadquartered in Dallas, operates plants in North Carolina andMaryland and has additional projects under construction in Chinaand Nepal. Panda also announced plans earlier this week for a $400million generating plant near El Dorado, AR.
PSEG Global develops, owns and operates private power anddistribution facilities with at least 26 projects in Argentine,Brazil, China, India, the U.S. and Venezuela. PSEG Americas isheadquartered in Miami and supported by offices in Ridgewood, NJ;Sao Paulo; Caracas; and Buenos Aires.
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