Panda Power Funds, capitalizing on the need for highly efficient generating capacity in two key electricity markets, is building and planning more new natural-gas-fired combined-cycle units than anyone else in the U.S. right now. Working with some of the nation's top engineering-procurement-construction contractors in the energy arena, Panda, a Dallas-based private equity firm and independent power developer, is building three 758-MW plants to serve the Electric Reliability Council of Texas region and undertaking four projects, totaling 3,267 MW, in the PJM Interconnection region—two of them already under construction in Pennsylvania and one each in Maryland and Virginia in advanced stages of planning.