Siemens wins $400 million power plant order in U.S.

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Siemens won an order from the U.S. for the delivery of two power plant blocks for the Liberty combined cycle power plant in Pennsylvania. Siemens will deliver two H-class gas turbines, two steam turbines, two generators, two heat recovery steam generators as well as the electrical equipment and the control system.

The EPC contractor is Gemma Power Systems LLC, an engineering, procurement, and construction contractor in the U.S. The customer is an affiliate of Panda Power Funds. The order includes a long-term service agreement and has a total value for Siemens of about $400 million.

With a combined cycle output of about 829 MW, Liberty will go into commercial operation in 2016 and will be able to supply up to one million homes with power generated using domestic fuel.

The gas turbines and generators will be manufactured in the Siemens North American manufacturing hub in Charlotte, North Carolina. Siemens Financial Services is providing financing to aid in the project’s construction through a $50 million term loan.

Goldman Sachs, Credit Suisse and Ares Capital arranged the senior debt financing for the plant. Union Bank was the documentation agent. The transaction marks the fourth financing of a large-scale power facility by Panda Power Funds in 13 months and the first investment of Panda Fund II. The fund is supplying equity for the Liberty project along with a large institutional co-investor.

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