Panoche Energy Center LLC (Panoche) is a special-purpose, bankruptcy-remote operating company formed to own and operate a 400-megawatt (MW) combustion turbine power plant about 50 miles west of Fresno, Calif. Panoche is owned by U.S. Power Fund II L.P., a private equity fund managed by EIF Management LLC (not rated). Panoche earns revenues through a long-term power purchase agreement (PPA) with Pacific Gas&Electric Co. (PG&E; BBB/Negative/A-2). The Wood Group (not rated) conducts day-to-day operations and maintenance (O&M). A contractual services agreement (CSA) with GE Energy, an affiliate of General Electric Co. (GE; AA+/Stable/A-1+), covers major maintenance. Standard&Poor's Rating Services published its revised project finance ratings criteria on Sept 16, 2014. Standard&Poor's rating on U.S.
