Panda Power Funds raises further $50m for second energy vehicle


power_electricity_170sqTexas firm Panda Power Funds has tapped investors for a further $50m for its $800m second energy fund over the past month, according to regulatory filings.

The firm’s Panda Power Fund II B vehicle has raised $215m from five investors, up from $165m a month ago, a document filed with US securities regulators showed.

A parallel vehicle, Panda Power Fund II A, had raised $210m from two investors as of mid-July.

Panda Power did not specify whether the amount raised by the B parallel fund was included in the fundraising total for the main vehicle.

The new vehicle follows the $420m Panda Power Generation Infrastructure Fund, which was closed in November 2011 after being on the road for a year and a half. The first fund also targeted $800m, but wound up raising just over half as much.

Panda has recently secured financing for the expansion of its Temple, Texas power plant to double its size to 1,516 megawatts, which is enough to power 1.5 million hones in Central and North Texas.

The firm’s other projects include the 758 MW Sherman, Texas power plant, which broke ground in December last year.

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