Panda Power Funds, a Dallas, Texas-based recently held the final close of its Panda Power Generation Infrastructure Fund at $420m.
Investors in the fund, which plans to develop or acquire U.S. natural gas-fueled power plants and utility-scale solar projects in select states, include large public and corporate pension plans and other institutional investors.
Led by founder and managing partner Robert Carter, and senior partner Todd W. Carter, Panda Power Funds internally sources and develops, acquires, invests in, and operates large-scale power generation facilities.
The Fund’s first investment was to develop the $94m, 20-MW Pilesgrove Solar Farm, a 110-acre plant facility with more than 71,000 solar panels. The facility began supplying power to the New Jersey grid in late August and is located approximately 28 miles southwest of Philadelphia outside of Woodstown, N.J. The solar project is a joint venture between Panda Power Funds and Con Edison Development, a subsidiary of New York-based Consolidated Edison.