Panda Power Funds, the Dallas-based fund manager which invests in the energy sector in North America, has so far raised $210 million from two unnamed investors for its second fund, according to a filing with the Securities and Exchange Commission.
Although the fundraising target for the fund has not been made official, various reports have cited a figure of $800 million. The firm closed its debut fund on $420 million in November 2011.
In September last year, Panda Power Funds affiliate Panda Sherman Power completed financing for a planned 758-megawatt natural gas-fuelled combined cycle power plant in Sherman, Texas. Panda provided equity for the plant alongside “several other institutional co-investors” while Goldman Sachs and Credit Suisse arranged senior debt financing.
The firm has also played an instrumental role in a similar project in Temple, Texas, as well as helping to create a 20-megawatt solar photovoltaic farm in Pilesgrove Township, New Jersey.
Panda Power Funds was formed in 2010 by the former senior management team of Panda Energy International, an independent power development company that was established in 1982. The firm is headed by Robert Carter, who was previously chairman and chief executive officer of Panda Energy.
Boston-headquartered placement agent Beacon Hill Financial advised on Panda Power’s first fund, and is also advising on the second.