Texas-based energy developer Panda Energy has held a second close on its Panda Power Generation Infrastructure Fund on $278 million, regulatory filings show.
The firm said in two separate filings with the Securities and Exchange Commission that it has raised $121 million for the fund through the Panda Power Generation Infrastructure Fund A and $157 million through the Power Generation Infrastructure Fund B.
The filings come one year after the Panda Power Generation Infrastructure Fund held its first close on $178 million. At that time, fund A was still at $121 million, while fund B had closed on $57 million, according to filings Panda made at the time.
Pilesgrove solar farm in NJ:
The New Jersey plant, which broke ground in October 2010, is being developed by Panda in partnership with Con Edison Development, a subsidiary of electric utility giant Con Edison. The two firms signed a joint development agreement for two solar projects in April 2010, according to a statement.
Boston-based Beacon Hill Financial Corporation is acting as placement agent for the fund, according to Panda's Securities and Exchange Commission filings.
Panda Energy was founded in 1982 by oil and gas industry veteran Robert Carter, who serves as the managing partner and chief executive officer of Panda’s fund management group.