Dallas based private equity firm Panda Power Funds announced the completion of the acquisition of the planned 829 MW natural gas powered generating station for Moxie Energy. The said 'Liberty' combined cycle model plant would be located at Bradford County, PA.
The said power generating facility would be the first one to utilize the proximity and the availability of the Marcellus Shale gas formation. The plan is to commence construction immediately on an identified 33-acre site and operations are projected to start by 2016.
Senior debt financing was arranged by Goldman Sachs, Credit Suisse and Ares Capital, with Union Bank as the documentation agent. This is the fourth such project undertaken by Panda Power Funds in the past thirteen monhts.
According to Panda Power Funds President and Senior Partner, "Following three successful financings in Texas, it didn't get any easier. I'm really proud of our team for getting this job done in a 'tough as nails' financial market."
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