Bechtel Awarded EPC Contract For State-Of-The-Art Power Plant In Texas

Company Partners With Siemens to Design and Build Plant for Panda Temple Power, LLC

Frederick, MD (Marketwire) - Bechtel announced today the company is part of a consortium awarded the engineering, procurement, and construction contract to build a natural gas-fueled, combined-cycle power plant for Panda Temple Power, LLC, an affiliate of Panda Power Funds. Bechtel and Siemens will design and build the 758-megawatt facility in Temple, Texas, south of Dallas.

"This will be one of the most efficient natural gas-fueled power plants in the United States and will provide much needed energy to approximately 750,000 homes in Texas," said Jeff Brightman, president of Bechtel's fossil power business. "We are pleased that Panda has selected our team to develop this important project and look forward to successfully delivering it."

Bechtel will be responsible for the engineering, procurement, construction, and commissioning of the facility. Siemens will provide the power-island package including the natural gas and steam turbines and waste heat recovery boilers.

Engineering and design work on the plant began in February and construction will begin immediately. Bechtel is one of the largest employers of craft construction professionals in Texas and has hired more than 32,500 in the last 15 years. Commercial operations of the plant 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 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. The private equity firm is headquartered in Dallas, Texas. Additional information on Panda Power Funds can be found at www.pandafunds.com.