Tue, 08/12/2014 - 00:00

MONTGOMERY, Pa. (Aug. 12, 2014) – Pennsylvania Governor Tom Corbett recently joined Panda Power Funds to break ground on an 829-megawatt natural-gas fueled power plant in Lycoming County, Pennsylvania, that will power up to 1 million homes and contribute an estimated $5.85 billion to the local economy within the first 10 years of operation. The plant, deliberately sited in the heart of the Marcellus Shale, is expected to create 500 construction jobs, 27 permanent positions and 45 indirect jobs in the local community. “This is another project that shows how our ‘all of the above and below’ energy strategy is putting Pennsylvania at the forefront of the American energy revolution,” Corbett said. “By responsibly harvesting our abundant energy resources, we are creating family-sustaining jobs and are reinvigorating local communities all over Pennsylvania.” According to Panda Power Funds, the “Patriot” facility will be one of the cleanest natural-gas fueled power plants in the nation, utilizing state-of-the-art emissions-control technology. The plant is expected to be fully operational in 2016. “Panda Power Funds is making a strong financial commitment to the people of Pennsylvania because Governor Corbett and many other elected officials—including Senator Yaw and Representative Everett—made a previous commitment to carefully develop Pennsylvania’s vast supply of natural gas,” said Todd W. Carter, president and senior partner of Panda Power Funds. “They saw then what is happening now—the rebirth of Pennsylvania’s industrial base and a renewed hope for America’s energy independence.” The governor was joined for the groundbreaking ceremony by state and local officials, including Sen. Gene Yaw (R-26) and Rep. Garth Everett (R-84). Earlier this year, Corbett issued “Energy = Jobs,” a resource book that reflects his vision and commitment to position the commonwealth as a national leader in both energy production and natural resources and to leverage Pennsylvania’s world-class energy industry to create family-sustaining jobs. Panda Power Funds specializes in private equity energy funds, power plant financing and power plant acquisitions.