Panda Power Funds subsidiary Panda Temple Power has closed financing on its planned combined-cycle power plant in Temple, Texas, US.
The company will now begin construction on the natural gas-fueled plant located on a 250-acre site at Synergy Industrial Park.
A consortium comprising Bechtel and Siemens Energy has been selected to build the generation facility, under a $300m long term agreement.
The power station will be a Siemens Flex-Plant 30, which will have a gross installed capacity of 758MW.
Roland Fischer, Siemens Energy Fossil Power Generation Division CEO, said power generation can begin in ten minutes of startup, and full base-load power production in less than 60 minutes.
"This cutting-edge technology will provide clean power in the Texas market. It also will reduce emissions, allow rapid response to changing market conditions, and enable added investment in intermittent renewable and zero-carbon resources," said Fischer.
Todd W Carter, Panda Power Funds president and senior partner, said: "Since the beginning, our team never lost sight that Texas needs the power. Thanks to our financial partners, our Panda team and the strong backing of state and local officials, the State of Texas will soon be the beneficiary of critically needed electricity, more jobs and greater economic development."
The Temple Generating Station will cater to the electricity needs of approximately 750,000 homes in the Central and North Texas regions.
Commercial operations are expected to begin by the end of 2014.