Panda Power Raises $710M to Fund 3rd Marcellus Power Plant

Panda Power FundsLast week saw a flurry of activity for the official ribbon-cutting at Panda Power’s very first built-from-scratch Marcellus gas-powered electric plant going online in Bradford County (see First NatGas Power Plant in Marcellus, Panda Liberty, Goes Online). We were so distracted with that momentous event, we almost missed another important Panda announcement: Panda finished securing $710 million worth of investments to fund its third Marcellus gas-fired plant–a huge plant (bigger than Panda Liberty), located in Snyder County, PA. We previously wrote about “Panda Hummel,” a 1,124 megawatt power station that will convert a former coal-fired plant to burn natural gas (see Update on Panda Power’s Huge Marcellus-Powered PA Electric Plant). Hummel will generate enough electricity to power 1 million homes! You can have all the great plans and ideas in the world, but they don’t get built without money. Panda has now raised the money to build Hummel, by selling debt to do it…

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