Siemens Receives $400 Million Order for Advanced Power Plant in the USA

  Siemens Receives $400 Million Order for Advanced Power Plant in the USA

  *Two power plant blocks with a total power rating of approximately 829
  *Clean power generation for up to one million homes with domestic fuel
  *A total of 24 highly efficient H-class gas turbines now sold worldwide

Business Wire

WASHINGTON -- August 22, 2013

Siemens has received 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, a leading 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 approximately
$400 million. With a combined cycle output of approximately 829 megawatts,
Liberty will be one of the most advanced gas-fired power plants in the
northeastern U.S. when it goes into commercial operation in 2016 and will be
able to supply up to one million homes with clean power generated using
domestic fuel.

This order brings the total number of H-class gas turbines that Siemens has
sold worldwide up to 24.

“The United States is now the leading purchaser of Siemens’ H-class gas
turbines – with almost half of all orders globally. This demonstrates how
truly dynamic the market for gas-fired power plants is,” said Roland Fischer,
CEO of the Fossil Power Generation Division at Siemens Energy.

“Siemens continues to provide us with precise solutions for our power
generation projects. This power plant offers world-class performance and
reliability. Due to its high efficiency, it will also be very economical to
operate. These are critical features as we provide electricity for
Pennsylvanians for decades to come,” affirmed Todd W. Carter, president and
senior partner of Panda Power Funds.

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.

Highly efficient combined cycle power plants are part of Siemens’
Environmental Portfolio. In fiscal 2012, revenue from the Portfolio totaled
about €33 billion, making Siemens one of the world’s largest suppliers of
ecofriendly technologies. In the same period, our products and solutions
enabled customers to reduce their carbon dioxide (CO2) emissions by more than
330 million tons, an amount equal to the total annual CO2 emissions of Berlin,
Delhi, Hong Kong, Istanbul, London, New York, Singapore and Tokyo.

The Siemens Energy Sector is the world’s leading supplier of a broad spectrum
of products, services and solutions for power generation in thermal power
plants and using renewables, power transmission in grids and for the
extraction, processing and transport of oil and gas. In fiscal 2012 (ended
September 30), the Energy Sector had revenues of EUR27.5 billion and received
new orders totaling approximately EUR26.9 billion and posted a profit of
EUR2.2 billion. On September 30, 2012, the Energy Sector had a work force of
almost 86,000. Further information is available at:

Panda Power Funds, LP: Founded in 2010, Panda Power Funds is a private equity
firm headquartered in Dallas, Texas, which has the ability to develop,
acquire, construct, finance and operate large-scale, natural gas-fueled power
generation facilities. Panda’s first fund invested in three combined-cycle
power plants currently under construction in Temple and Sherman, Texas
(totaling 2,274 megawatts) and a 20-megawatt solar project in operation in
Pilesgrove, New Jersey. Additional information on Panda Power Funds can be
found at

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Siemens AG, Media Relations:
Claire Hassett, 202-730-1012
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Panda Power Funds Media:
Bill Pentak, 972-361-2000
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