SHAMOKIN DAM, Pa.--(BUSINESS WIRE)--Sunbury Generation LP announced today the successful financing of the Panda Hummel generating station by development partner Panda Power Funds, of Dallas, Texas. Panda Hummel will be the first tenant of Old Trail Industrial Park which Sunbury Generation and their affiliate Arcova Development LLC have developed. The new facility will occupy an 18-acre parcel of Sunbury Generation’s 192-acre Keystone Opportunity Expansion Zone (KOEZ) at the site of the retired Sunbury Generation coal-fired power plant.
The Sunbury/Arcova team led the early development of the project and entered into a joint venture with Panda earlier this year to complete development and arrange financing for the project, a +1,000 megawatt natural gas-fueled, combined-cycle power project near Shamokin Dam in Snyder County, Pennsylvania. Since that time, Panda has taken the lead in developing Hummel Station.
“Panda is a clear leader in the power industry and has been a tremendous partner. We are proud to be part of the development of the new Panda Hummel Station power plant, which continues the site’s sixty-year heritage of providing reliable generation capacity to the region,” said Dave Meehan, President of Sunbury Generation.
Panda’s Hummel generating station is expected to bring significant benefits to the region during construction and the life of the facility. Approximately 900 jobs will be created to construct the power plant over a two and a half year period. The generating station will create approximately 35 direct, long-term jobs to run the facility and an estimated 52 indirect jobs within the community to support the plant.
By serving as the anchor tenant in the 192-acre Sunbury Keystone Opportunity Expansion Zone (KOEZ), Hummel Station should also support additional investment at the site of the retired coal plant. The power facility will also help support a long-term market for Pennsylvania Marcellus Shale gas producers and royalty owners.
The Sunbury/Arcova early development team included technical expert Bibb Engineers, Architects & Constructors of Kansas City, general counsel Sidley Austin LLP of Washington DC, and Perella Weinberg Partners of New York City acting as Sunbury’s financial advisor.
“Over the past several years, we have enjoyed tremendous support from the local communities. Our dream to attract industrial tenants to the KOEZ has achieved its first milestone, and Panda Hummel Station will be a great new neighbor for Sunbury Generation and the entire region,” Meehan said.
About Sunbury Generation LP / Arcova Development LLC
Sunbury Generation LP and its General Partner, Corona Power LLC were formed in 2006 and acquired the coal-fired power plant assets at the Sunbury plant in Shamokin Dam, PA that same year.
Sunbury Generation partners include AMCI, of Greenwich, Connecticut, JAZ Ventures LP, of Latrobe, Pennsylvania, and DALK Land LP, of Blossburg, Pennsylvania.
Sunbury formed Arcova Development in 2015 to provide early stage development expertise for opportunities focused in the Marcellus “Fairway”. The Arcova team has over 75 year’s collective experience in executive management, project development, project management and design engineering and construction.
Further information on Sunbury Generation and Arcova is available via the contact information included with this release.
