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Bechtel Breaks Ground on 758MW Combined Cycle Power Plant
New Combined-Cycle Facility in Sherman, Texas Supported by up to 800 Jobs

FREDERICK, MD -- (Marketwire) -- 11/08/12 -- Bechtel announced today that construction is underway on a 758-megawatt natural gas-fueled, combined-cycle power plant in Sherman, Texas. The company, along with Siemens, is designing and building the project for Panda Sherman Power, LLC, an affiliate of Panda Power Funds. Today representatives from the three companies joined dignitaries from across the state for a groundbreaking ceremony.

Engineering, procurement, and manufacturing activities for the project are already underway. The project will support up to 800 jobs during peak construction and will use local companies to provide services such as surveying, concrete pumping, and earthwork.

"Bechtel is proud to be calling on the expertise of local workers and suppliers to help support this important project," said Jeff Brightman, president of Bechtel's fossil business line.

Using the most advanced emissions-control technology, the generating station will be one of the most efficient natural gas-fueled power plants in the nation and is expected to power approximately 750,000 homes. Commercial operations of the plant are expected to begin in 2014.

Bechtel and Siemens are also the engineering, procurement, and construction contractor for Panda Power Funds' Panda Temple Generating Station. The 758-megawatt natural gas-fueled combined-cycle plant is being built in Temple, Texas, and commercial operations are expected to begin in 2014.

With more than 60 years of global experience in the power industry, Bechtel has successfully completed combined-cycle projects in the United States, United Kingdom, Egypt, India, Turkey, and Mexico.

About Bechtel:
Bechtel is among the most respected engineering, project management, and construction companies in the world. We stand apart for our ability to get the job done right -- no matter how big, how complex or how remote. Bechtel operates through five global business units that specialize in civil infrastructure; power generation, communications and transmission; mining and metals; oil, gas and chemicals; and government services.

Since its founding in 1898, Bechtel has worked on more than 22,000 projects in 140 countries on all seven continents. Today, our 53,000 employees team with customers, partners and suppliers on diverse projects in nearly 50 countries. www.bechtel.com.

About Panda Power Funds, LP:
Founded in 2010, Panda Power Funds is a private equity firm located in Dallas, Texas, which has the ability to internally source and develop, acquire, invest in, and operate large-scale, natural gas-fueled power generation facilities. The company recently built a utility-scale, 20-megawatt solar farm in Pilesgrove, New Jersey -- one of the largest solar farms in the northeast United States. Additional information on Panda Power Funds can be found at www.pandafunds.com.

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For more information, contact:
Sonia Taylor
301.228.7809
staylor4@bechtel.com

Panda Power Funds Media Contact:
Bill Pentak
(972) 361-2000
breakingnews@pandafunds.com

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