Investment fund vehicles managed or advised by EIG Asset Management LLC and The Carlyle Group LLC, or their affiliates, are proposing to acquire a 100% equity stake in the project companies that own the Panda Liberty and Panda Patriot gas-fired facilities from Panda Power Funds LP.
Panda Liberty is a 756-MW (summer rating) natural gas-fired generation facility in Bradford County, Pa., and Panda Patriot is a 765-MW (summer rating) natural gas-fired project in Lycoming County, Pa. Both began operating in 2016, and their output is sold at wholesale into the PJM Interconnection market.
Panda Power owns other gas-fired power plants in the PJM market, including one in advanced development, plus two in Texas.
The Federal Energy Regulatory Commission was asked to approve the transaction by March 17. (FERC docket EC20-33)