Panda Power Funds’ new gas-fired power plant in Virginia becomes operational

Panda Power Funds’ Stonewall Power Project – a natural gas-fueled combined cycle power plant (CCPP) in Leesburg, Virginia – has achieved commercial operation. The facility is capable of meeting the power needs of approximately 778,000 households in Virginia and the District of Columbia.

‘Stonewall’ is one of seven gas-fired power plant projects, totaling about 5.8 gigawatts, awarded to Siemens by Panda Power Funds, including facilities in Texas, Pennsylvania and Virginia. Long-term service agreements with Siemens are in place for all seven projects, including parts, inspections, and scheduled service/maintenance, along with Siemens Power Diagnostics ®, part of Siemens’ Digital Services for Energy. Siemens carried out the turnkey ‘Stonewall’ project with consortium partner Bechtel.

For the 778 megawatt (MW) ‘Stonewall’ CCPP, Siemens delivered the power island equipment, including two SGT6-5000F gas turbines, one SST6-5000 steam turbine with an SCon-4000 condenser, two SGen6-1000A generators, one SGen6-2000H generator and two NEM duct-fired heat recovery steam generators along with the complete electrical system and SPPA-T3000 instrumentation and control system. The gas turbines, steam turbines and generators were manufactured at Siemens’ Charlotte Energy Hub, the global base for the company’s 60 Hz power generating equipment. In 2015, Panda Power Funds selected Siemens to provide long-term service for the ‘Stonewall’ project.

“With Siemens’ technology, Panda Stonewall joins the ranks of the newest, cleanest and most efficient natural gas-fueled power plants in the United States,” said Todd W. Carter, CEO and senior partner of Panda Power Funds. “We are very pleased with the way the plant is performing so soon after startup. Initial tests show Stonewall is already exceeding guarantees for both power output and efficiency.”

“Siemens is very pleased to continue our successful partnership with Panda Power Funds, producing our most advanced turbines and providing long-term service for this modern power infrastructure project,” said John Gibson, Head of Sales North America, Siemens. “Working once again with Bechtel, we’ve delivered a turnkey power plant that adds a significant source of efficient and reliable power to the grid.”

Siemens’ efficient technology offers economical power generation with fast start-up for reliable and continuous operation. CCPPs partner a gas-powered turbine with a steam turbine to maximize the use of fuel that is consumed. Exhaust heat from the gas turbine is used to power the steam turbine, greatly improving overall power-plant efficiency. The ‘Stonewall’ power plant uses Siemens’ advanced emissions control technology.

To secure funds for the project, a finance package utilizing senior debt, mezzanine debt and equity was obtained to cover the total project costs. In support of this package, Siemens’ Financial Services Division made a $75 million equity investment.

For further information on Division Power and Gas, please see http://www.siemens.com/about/en/businesses/power-and-gas.htm

For further information on Siemens Combined Cycle Power Plants, please see http://www.energy.siemens.com/hq/en/fossil-power-generation/power-plants/gas-fired-power-plants/

For further information on Division Power Generation Services, please see https://www.energy.siemens.com/hq/en/services/

For further information on Siemens Financial Services Division, please see https://www.siemens.com/us/en/home/products/financing.html