Panda Power Funds, a private equity firm headquartered in Dallas, plans to build, own and operate an 859-megawatt combined-cycle power plant in an industrial area of Brandywine, Md. Called Panda Mattawoman, the natural gas-fueled plant is expected to be one of the cleanest and most efficient in the nation.
Panda Mattawoman is expected to contribute as much as $1.2 billion to the area’s economy during its construction and first 10 years of operation.
Construction is expected to take about 30 months and will start once hurdles such as financing and regulatory approvals are passed. Panda did not disclose the cost of the project.