Dallas-based Panda to build natural gas-powered plant in Sherman

Sherman power plant

Credit: Graphic: Business Wire

Panda Power Funds on Tuesday announced financing has been secured by its Panda Sherman Power LLC for a generating plant in Sherman, shown here in an artist's conception.

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Associated Press

Posted on September 18, 2012 at 3:09 PM

Updated Sunday, Nov 24 at 6:11 PM

Sherman power plant

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 SHERMAN (AP) – A Dallas company plans to build a 758-megawatt natural gas-fueled electric generating plant in North Texas.

Panda Power Funds on Tuesday announced financing has been secured by its Panda Sherman Power LLC for a plant in Sherman, about 60 miles north of Dallas.

Construction will start immediately on the Sherman plant, which should be operating by late 2014.

Officials expect as many as 800 construction jobs will be created. More than two dozen workers will operate the facility on the city's south side just west of the Tyson Foods plant.

Panda Power Funds is part of a consortium with Bechtel and Siemens Energy Inc. to build the unit. The plant is expected to supply electricity to about 750,000 homes in North Texas.

Panda Power Funds plans to build and operate a similar plant in Temple, where ground was broken Sept. 6.

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