Panda Power Funds has closed a $420 million fund to develop or acquire utility-scale solar and natural gas plants in the US.
Investors in the Panda Power Generation Infrastructure Fund include large public and corporate pension plans and institutional investors.
The Fund’s first investment is the 20 megawatt (MW) Pilesgrove Solar Farm, the largest solar farm in the Northeast US. Located in southern New Jersey, it’s been generating electricity since August.
The $94 million plant consists of over 71,000 solar panels on 110 acres, and is a joint venture between Panda Power Funds and Con Edison Development, a subsidiary of NY’s utility, Con Ed.
"The closing of our first private equity fund, in this capital market environment, is a validation of the business strategy, market knowledge and industry relationships developed by an executive team that has worked closely together for many years," says Todd Carter, senior partner of Panda Power Funds.
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