Plant will add needed capacity to Virginia and Washington D.C.; power up to 750,000 homes ---- One of the cleanest natural gas-fueled power plants in the nation will easily meet new carbon emissions standards proposed by the U.S. E.P.A. ---- Expected to make a significant contribution to area economy; create 600 construction jobs ---- Bechtel to be the engineering, procurement and construction contractor
DALLAS - September 24 - Panda Power Funds today announced that it has
located in an industrial-zoned area of Loudoun County, Virginia. When
commissioned, the natural gas-fueled "Stonewall" generating station will be
able to supply the power needs of approximately 750,000 homes in the
Northern Virginia/Washington D.C. metropolitan area. Panda expects the
facility to enter commercial operations during the spring of 2017.
Panda Power Funds' partners in the Stonewall project include Bechtel
Development, a subsidiary of the Bechtel Corporation, and Green Energy
Partners/Stonewall, the project's original developer.
The facility has been strategically sited in one of the fastest growing
counties in the United States. According to the U.S. Census Bureau, Loudoun
County's population grew by approximately 84% between the census of 2000 and
2010. The region is also home to the Dulles Technology Corridor, a national
hub for data storage, defense and technology companies. Approximately 70% of
the world's Internet traffic flows through Loudoun County. At present, the
county imports 100% of its power needs from neighboring areas.
"The Panda Stonewall plant will strengthen the reliability of the power
supply in a region of increasing importance to the security of the nation,"
said Todd W. Carter, president and senior partner of Panda Power Funds.
"Elected officials are being far sighted in working to secure the future. We
look forward to working with Commonwealth leadership and our local partners
in bringing this project through to completion."
"We found an excellent partner in Panda," said John Andrews, managing
partner of Green Energy Partners/Stonewall. "They have more than 3,100
megawatts of capacity under construction in Texas and Pennsylvania. Panda
knows how to get the job done.
"As a long-standing resident of Loudoun County, I'm also pleased at Panda's
commitment to being a good member of our community and to the environmental
quality of this project."
The state-of-the-art Stonewall facility will utilize the latest, most
advanced emissions-control technology, making it one of the cleanest, most
efficient natural gas-fueled power plants in the nation. The generating
station will exclusively use pipeline quality natural gas to minimize
particulate matter and air emissions. The plant has been designed in
anticipation of greenhouse gas regulations and will easily meet the new
carbon emissions standards recently proposed by the U.S. E.P.A. The project
received its air permit from the Virginia Department of Environmental
Quality in April of 2013.
The generating station will use reclaimed municipal waste water from the
Town of Leesburg to cool the plant, conserving the Commonwealth's natural
supply of drinking water. Putting to use waste water that would normally be
diverted to the Potomac River subsequently prevents the discharge of harmful
nutrients into the environmentally sensitive Chesapeake Bay watershed. The
Stonewall plant will also be a "zero-liquid-discharge" plant, returning no
waste water to a treatment facility.
The Panda Stonewall plant has been purposefully designed to minimize impacts
to the local community. The plant's location is well screened by a naturally
wooded area to reduce sightlines. The facility will also be built along
existing transmission lines, eliminating the need for additional power lines
that would otherwise be required to import power from outside of Loudoun
The Stonewall generating station will have a significant impact on the
area's economy during construction and the life of the facility. The plant
will generate an estimated $20 million per year in direct and indirect
spending, increase the tax base in Loudoun County and the Commonwealth -
including several million dollars per year in property and sales taxes, and
provide considerable annual revenue to the Town of Leesburg for the purchase
of waste water.
Approximately 600 jobs will be created to construct the power plant at peak
construction. During operations, the generating station will create
approximately 30 long-term jobs with an average annual salary of more than
The generating station will be located on a 101-acre parcel approximately 4
miles south/southeast of Leesburg, Virginia. Bechtel is the engineering,
procurement and construction contractor for the Stonewall facility.
Construction will take approximately 30 months and will commence upon
financing, regulatory approvals and other conditions. Panda Power Funds has
filed for a Certificate of Public Convenience and Necessity with the State
Corporation Commission of the Commonwealth of Virginia.
About Panda Power Funds, LP
Founded in 2010, Panda Power Funds is a private equity firm headquartered in
Dallas, Texas, which has the ability to develop, acquire, construct, finance
and operate large-scale, natural gas-fueled power generation facilities.
Panda has invested in four combined-cycle power plants totaling 3,103
megawatts - currently under construction in Temple and Sherman, Texas and
Bradford County, Pennsylvania - and a 20-megawatt solar project in operation
in Pilesgrove, New Jersey. Panda Power Funds' recently announced that it is
developing an 859 MW power plant in Brandywine, MD. Additional information
on Panda Power Funds can be found at www.pandafunds.com.
About Green Energy Partners/Stonewall
Green Energy Partners/Stonewall is a Loudoun County-based limited liability
company formed in 2009 to develop a natural gas power plant. Daily
operations are overseen by Managing Partner John A. Andrews II, an
accomplished developer in Loudoun County. Green Energy Partners/Stonewall
believes in giving back to the local community, and Andrews has worked to do
that, having been elected twice to the Loudoun County School Board and
served as its chairman for two terms. He has also served on numerous
community non-profit boards and currently is the vice chairman for the Blue
Ridge Speech and Hearing Center.