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In this paper, we present a simultaneous resource allocation and binding algorithm for FPGA power minimization. To fully validate our methodology and result, our work targets a real FPGA architecture - Altera Stratix FPGA, which includes generic logic elements, DSP cores, and memories, etc. We design a high-level power estimator for this architecture and evaluate its estimation accuracy against a commercial gate-level power estimator - Quartus II PowerPlay Analyzer. During the synthesis stage, we pay special attention to interconnections and multiplexers. We concentrate on resource allocation and binding tasks because they are the key steps to determine the interconnections. We use a novel approach to explore the design space. Experimental results show that our high-level power estimator is 8.7% away from PowerPlay Analyzer. Meanwhile, we are able to achieve a significant amount of power reduction (32%) with better circuit speed (16%) compared to a traditional resource allocation and binding algorithm.