Panda Power Funds has held a $310 million interim close for Panda Power Fund II, its second investment offering, according to a regulatory filing.
Located in Dallas, the third-largest city in US state Texas, Panda Power is a three-year-old private equity firm investing in energy in North America.
In August, the firm disclosed to the US Securities and Exchange Commission (SEC) that its Panda Power Fund II had raised $210 million. Panda Power is said to be targeting $800 million for Fund II.
Its maiden fund, named Panda Power Generation Infrastructure Fund, closed in November 2011 on $420 million.
In addition to raising a second fund, Panda Power recently acquired a majority interest in ‘Stonewall,’ a 750 megawatt (MW) combined cycle plant in Virginia.
In August, the firm bought 829MW power plant ‘Liberty,’ in Pennsylvania, while also signing off on a proposed 859MW facility in Maryland, a US Mid-Atlantic state.
Panda Power Funds was launched by the former management team of independent developer Panda Energy International, a company founded in 1982.
Placement agent Beacon Hill Financial Corporation is raising capital for Fund II. The Boston-based firm also raised Panda Power Generation Infrastructure Fund.