Panda Power Funds affiliate Panda Sherman Power has successfully completed the financing on its planned 758-megawatt natural gas-fueled, combined-cycle power plant in Sherman, Texas. The company will immediately start construction on the 204-acre site and expects commercial operations to begin by the end of 2014. Goldman Sachs and Credit Suisse arranged the senior debt financing for the plant. Ares Capital was the documentation agent.
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Panda Power Funds said Wednesday that it has raised $420 million with its Panda Power Generation Infrastructure Fund. The pool expects to develop or acquire U.S. natural gas-fueled power plants and utility-scale solar projects in select states. Beacon Hill Financial Corp. was placement agent while Compass Advisors advised on the capital raise. Latham & Watkins was their attorney.