Panda closes sale of Sherman CCGT

08.09.23

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Panda Power Funds LP has completed a sale of the 758 MW Sherman combined-cycle gas turbine power plant to Rayburn Electric Cooperative.

The CCGT, located in Grayson county north of Dallas, has been renamed Rayburn Energy Station, according to an Aug. 7 press release.

Rayburn Electric Cooperative, headquartered in Rockwall, Texas and formed in 1979, is a not-for-profit generation and transmission electric cooperative serving four member-owned distribution electric cooperatives: Fannin County Electric Cooperative, Farmers Electric Cooperative, Grayson-Collin Electric Cooperative and Trinity Valley Electric Cooperative.

George O’Dowd of ERG Asset Management and Creede Williams of Exigent Energy advised Panda Power Funds on the transaction.

Panda received financial advice from Whitehall & Co., led by Newell Blair and Jonathon Cody; and legal advice from Haynes and Boone, led by Gilbert Porter and Courtney Smith; and Wick Phillips, led by Bryan Wick and Colin Mize.

Jefferies served as financial advisor to Rayburn; and a team at Dentons, led by Peter Thieman and Carl Steen, provided legal advise; along with Eversheds Sutherland (US).

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