Panda Power raises $310m for second fund
Panda Power Funds has raised $310 million for its second energy-sector fund, Panda Power Fund II, according to a filing with the SEC. The fund launched in June with an $800 million target. A final close date was not disclosed.
The firm has started to invest its capital. Its first acquisition is Moxie Energy’s planned 829-megawatt natural gas–fueled, combined-cycle “Liberty” generating station, located in Bradford County, Pa. The fund is supplying equity for the Liberty project along with a large institutional co-investor.
When completed, the Liberty project will be the first new power plant in Pennsylvania specifically developed to take advantage of its proximity to the Marcellus Shale gas