Goldman Sachs, Others Finance Panda Power’s TX Power Plant
Panda Power Funds announced that its affiliate Panda Sherman Power has completed the financing on its planned 758-megawatt natural gas-fueled, combined-cycle power plant in Sherman, TX. The company will immediately start construction on the 204-acre site and expects commercial operations to begin by the end of 2014.
Goldman Sachs and Credit Suisse arranged the senior debt financing for the plant. Ares Capital was the documentation agent. The transaction marks only the second time in six years that a capital-intensive, greenfield construction project has been financed with a term loan. The other financing was for Panda