From pre-investment to operations, Panda’s partners understand the complexities of the power industry. They are extremely knowledgeable of the nation’s various power markets and know how to site or acquire the right asset, in the right place and at the right time to take advantage of the many opportunities which exist in today’s marketplace. They know how to structure power investments to help minimize risk and maximize returns.

Robert W. Carter

Managing Partner and Chairman

Robert W. Carter

Mr. Carter is the Managing Partner and Chairman of Panda Power Funds. He served as the Managing Partner, Chairman and Chief Executive Officer of Panda Power Funds from April 2010 - September 2016. Mr. Carter also served as Chairman and Chief Executive Officer of Panda Energy, the predecessor organization to Panda Power Funds, since founding the company in 1982. Under his leadership, Panda Energy developed more than 9,000 megawatts of generating capacity, at a cost of more than $6 billion, including the two largest natural gas-fueled power plants ever built in the United States — the 2,250-MW El Dorado, AR and the 2,250-MW Gila River, AZ generating stations. He has more than 30 years of business experience in the energy sector in the United States and abroad.

Prior to founding Panda Energy, Mr. Carter founded Carter Oil and Gas, Inc. in 1980 where he developed oil and gas prospects in the U.S. and Colombia. Before founding Carter Oil and Gas, Mr. Carter was Vice President of Oil and Lease Sales for Reserve Energy where he developed oil and chemical projects in the U.S. and Saudi Arabia. Mr. Carter spent his earlier career in the manufacturing sector where he represented Olin Matheson Chemical and Inland Mead Corporation. Mr. Carter attended the University of Georgia.

Mr. Carter and his wife Janice live in Dallas and have two children and five grandchildren. He remains an active philanthropist and avid outdoor sportsman. In 2010, Mr. Carter received the T. Boone Pickens Lifetime Sportsman of the Year Award, an honor recognizing those who have demonstrated a life of adventure, respect of natural resources and spirit of giving back to the community. As a recipient of this prestigious honor, Mr. Carter joined a small but distinguished list of past winners who include notable conservationist/entrepreneur Ted Turner and author Ray Sasser.

“We deeply value the trust and confidence our partners place in us. They represent charitable organizations, retirement savings, teachers, and public and private sector employees. We look forward to rewarding their faith in us.”

Todd W. Carter

Senior Partner, Chief Executive Officer and President

Todd Carter

Todd W. Carter is the Senior Partner, Chief Executive Officer and founding President of Panda Power Funds. Under his leadership, the firm raised $420 million in capital commitments — in its first fund — during the height of the worst economic recession since 1945. Since then, he has overseen the financing of approximately $6.3 billion in energy assets, across multiple funds, in approximately five years. The first three financial transactions were widely reported by Reuters as a “breakthrough” for the U.S. project-finance market by helping to establish the Term Loan B banking market.

Engineering News Record, the trade bible for the construction industry, also reported that Panda Power Funds “… is building and planning more new natural-gas-fired combined-cycle units than anyone else in the U.S…”

Mr. Carter has guided Panda to develop, finance and build the preeminent fleet of new, natural gas-fueled power assets in the United States. Altogether, the Fund has invested in eight power facilities since 2011 including five combined-cycle power plants in operation in Texas and Pennsylvania, two combined-cycle power plants currently under construction in Pennsylvania and Virginia, and the largest solar farm in the Northeast United States with a total combined capacity of more than 5,800 megawatts. Panda Power Funds also has a 990 megawatt power project in Southern Maryland in advanced development in addition to other projects in its development pipeline.

Mr. Carter served as President of Panda Energy from September 2007 until April 2010 and from 2000 to October 2006. From October 2006 to August 2007, Mr. Carter served as President and Chief Executive Officer of Panda Ethanol. He has been employed by Panda Energy and its affiliates for 26 years. From 1999 to 2000, Mr. Carter served as Senior Vice President of Corporate Finance. From 1997 to 1999, Mr. Carter served as Senior Vice President of International Business Development.

Mr. Carter received a Bachelor of Arts degree in Economics from The University of Texas at Austin.

“Amazing things happen when a motivated team works hard, aims big and refuses to make excuses.”

William C. Nordlund


William C. Nordlund

Mr. Nordlund is a Partner of Panda Power Funds, responsible for equity and fund formation. Prior to Panda Power Funds, Mr. Nordlund served as Senior Vice President responsible for equity, Executive Vice President of Finance, and Senior Vice President and General Counsel at Panda Energy. Mr. Nordlund has also served as Head of Power Generation at ABB Equity Ventures, President and Chief Executive Officer of Dolphin Networks Ltd., a portfolio company of Dolphin Equity Partners engaged in the development of fiber optic cable networks, Vice President and General Counsel at The Oxford Energy Company, an attorney at Constellation Holdings, and a Partner at Winston & Strawn. He has more than 30 years experience in the energy sector.

Mr. Nordlund received a Master of Management degree in Finance and Management Policy from JL Kellog School of Business at Northwestern University, a Juris Doctor degree from Duke University and a Bachelor of Arts degree in Economics and Business Administration from Vanderbilt University.

“Panda finds ways to do the impossible. The landmark Temple and Sherman transactions were the result of our team’s creativity and perseverance and the support of our partners.”