Natural gas, solar project developer closes on $420mn financing

Panda Power Funds closed on $420 million in private investments for the Panda Power Generation Infrastructure Fund. The Panda Fund plans to develop or acquire natural gas-fueled power plants and utility-scale solar projects in the U.S.

The Panda Fund currently has investments in a 650 MW Panda Sherman natural gas-fueled power plant in Sherman, Texas; a 1,300 MW natural gas-fueled power plant in Temple, Texas; and the 20 MW Pilesgrove Solar Farm in New Jersey.

Beacon Hill Financial Corp. of Boston acted as the exclusive placement agent for the Panda Power Generation Infrastructure Fund. Compass Advisors LLP advised on the capital raise, and legal services were provided by Latham & Watkins LLP.

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