Panoche is a single-purpose, bankruptcy-remote entity that developed, built, owns, and operates an approximately 400-megawatt combustion turbine power plant about 50 miles west of Fresno, Calif. U.S. Power Fund II L.P., a private equity fund managed by EIF Management LLC (not rated), owns Panoche. Standard&Poor's Ratings Services rates U.S. electricity generator Panoche Energy Center LLC's $321 million ($307.4 million outstanding as of Dec. 31, 2011) senior secured bonds due in July 2029 'BBB-'. The outlook on the rating is stable. Panoche used the debt proceeds to fund the plant's construction, and will repay the debt with revenues it plans to earn through a long-term power purchase agreement (PPA) with Pacific Gas&Electric Co. (PG&E; BBB/Stable/A-2). Kiewit Power
