Panda Power Funds Raises $420 Million for Large-Scale Solar Projects

Posted in Investment, Solar Power on November 16th, 2011 by News Desk –

Artist rendering: Pilesgrove Solar

Dallas – Panda Power Funds, an investment vehicle formed in 2010 by the management team at an independent power development company, announced on Wednesday it has raised $420 million for a new private equity fund that will develop or acquire natural gas-fueled power plants and utility-scale solar projects in the U.S.

Panda Power said it has “the ability to internally source and develop, acquire, invest in, and operate large-scale power generation facilities.”

The fund’s first investment was to develop the $94 million, 20-MW Pilesgrove Solar Farm. The 110-acre plant is the largest solar facility in the Northeast U.S., with more than 71,000 solar panels.

Pilesgrove Solar Farm, located about 28 miles southwest of Philadelphia, began supplying power to the New Jersey grid in late August. It is a joint venture between Panda Power Funds and Consolidated Edison, one of the nation’s largest investor-owned energy companies.