Rayburn Electric Cooperative to acquire Sherman gas plant; will be renamed Rayburn Energy Station
Adds capacity to power approximately 750,000 homes
ROCKWALL, Texas — Rockwall-based Rayburn Electric Cooperative today announced that it has entered into a definitive agreement to acquire ownership of the Panda Sherman Power Plant. Located in Grayson County, the 758 Megawatt natural gas-fueled power plant employs 27 people and began commercial operations in 2014. The plant is capable of supplying clean power for approximately 750,000 homes.
The plant will be renamed Rayburn Energy Station once the acquisition achieves standard closing conditions.
“Rayburn Energy Station allows us to expand our capacity to more reliably and affordably serve our Member cooperatives here in North Texas,” Rayburn President and CEO David A. Naylor said. “The addition of this key resource to our portfolio of solar, hydro and market purchases strategically positions Rayburn to ensure our Member cooperatives are served with a broad energy resource mix necessary to meet growing demand, extreme weather events, as well as the evolution of the Texas energy market.”
Rayburn, headquartered in Rockwall and formed in 1979, is a generation and transmission cooperative that acquires and transmits energy to its four Member-owned, power-distribution cooperatives: Fannin County Electric Cooperative, Grayson-Collin Electric Cooperative, Farmers Electric Cooperative and Trinity Valley Electric Cooperative. The four Member cooperatives collectively serve over 500,000 Texas residences and businesses. Rayburn owns 265 miles of transmission line throughout North Texas, as well as a 25% interest in the Freestone Energy Center, which produces over 1000 Megawatts of natural gas combined cycle energy in Freestone County, Texas.
Rayburn Electric Cooperative is headquartered in Rockwall, Texas. Rayburn is a not-for-profit generation and transmission electric cooperative serving four Member-owned distribution electric cooperatives in one of the fastest growing regions of the United States: Fannin County Electric Cooperative, Farmers Electric Cooperative, Grayson-Collin Electric Cooperative and Trinity Valley Electric Cooperative. Rayburn is governed by its Board of Directors, which is comprised of the General Manager and a Director from each Member cooperative. Rayburn’s core mission is to maximize the value of our Members’ investment while maintaining competitive wholesale power costs as we exemplify integrity and excellence.