Panda Energy International
| Company type | Private |
|---|---|
| Industry | Energy |
| Founded | 1982 |
| Founder | Robert W. Carter |
| Defunct | 2018 |
| Fate | Ceased operations |
| Headquarters | Dallas, Texas , United States |
Area served | International |
Key people | Robert W. Carter (Founder and CEO), Janice Carter (President and CEO) |
| Products | Power generation facilities, pipeline infrastructure, biofuel production, gas utilities, oil and gas equipment and services, pipelines, refining and marketing |
| Owner | Carter family |
Panda Energy International, Inc. was a privately owned American enterprise based in Dallas, Texas, that specialized in building, maintaining, and managing environmentally sustainable power generation facilities. Cited by Newsweek as one of the top ten green energy companies in the United States, Panda Energy concentrated on generating power with a significant focus on clean fuel sources and sustainable operational practices.
By 2010, it functioned as a subsidiary of Panda Power Funds, its private equity division. The company’s operations spanned power plants, pipeline infrastructure, and biofuel production across international markets. Leadership included founder and CEO Robert W. Carter, who guided strategic direction alongside President and CEO Janice Carter, supported by senior executives responsible for finance, operations, and legal compliance.
The company’s activities covered a broad spectrum within the energy sector, including operations and maintenance services, gas utilities, oil and gas equipment and services, pipelines, as well as refining and marketing. Panda Energy capitalized on its expertise in environmentally friendly energy solutions to expand its presence in the shifting energy landscape. In 2018, Panda Energy informed shareholders of its decision to cease operations, bringing an end to its endeavors in the energy field.
History
Established in 1982 and headquartered in Dallas, Texas, Panda Energy financed, built, and operated large-scale energy projects both domestically and internationally. The firm developed the two largest gas-fired merchant electric generation plants in the United States with a combined capacity of 4,400 megawatts. It also spearheaded the first U.S.-supported run-of-the-river hydroelectric project in Nepal and arranged the inaugural U.S. capital markets financing for a power facility in China. In total, Panda Energy has secured over $4.9 billion to construct more than 9,000 megawatts of generating capacity.
Specializing in funding, construction, and operational management, Panda Energy targeted complex projects involving over $5 billion in clean gas technologies. Its portfolio incorporated renewable resources such as agricultural feedstocks, ethanol production, clean coal initiatives, biofuels, and hydroelectric power generation.
The Carter family has retained majority ownership since the company's founding, establishing Panda Energy as a family-controlled business. Robert W. Carter holds the positions of chairman and CEO at Panda Energy International Inc. and its affiliated companies including Panda Global Energy Company. He founded Panda Energy Corporation (PEC) in 1982 and also leads Robert Carter Oil & Gas, Inc., which was established in 1980. Carter’s extensive career includes executive roles across oil, gas, petrochemical, and manufacturing sectors dating back to 1960. He is an alumnus of the University of Georgia and has served as chairman and director of Panda Ethanol Inc. since 2006.
Closure
In 2017, Panda’s facility located in Temple, Texas filed for Chapter 11 bankruptcy. On September 6, 2018, Chairman Janice Carter announced the decision to shut down operations due to challenges competing against government-supported renewable energy sources such as wind power. She highlighted that over its 36-year history, Panda had returned nearly twenty times the original investment to its shareholders. The company’s remaining assets were appraised at approximately $7.8 million and were slated for sale with proceeds distributed as dividends. In 2022, the Temple plant transitioned its bankruptcy status from Chapter 11 bankruptcy reorganization to Chapter 7 bankruptcy liquidation.
TNA Entertainment, LLC.
In October 2002, Panda Energy secured a 72% majority stake in the Nashville-based professional wrestling company Total Nonstop Action Wrestling (TNA) by purchasing shares from its founder and CEO, Jerry Jarrett. This acquisition was largely influenced by Dixie Carter, daughter of Panda Energy's founder Robert W. Carter, who convinced her father to invest after TNA encountered financial difficulties following the exit of its primary sponsor, HealthSouth Corporation.
To oversee the wrestling promotion, Panda Energy formed the limited liability entity TNA Entertainment on October 31, 2002. Although Jeff Jarrett retained his position as vice president, key executive roles were predominantly assigned to Panda Energy representatives: Chris Sobol took on the role of vice president of operations; Frank Dickerson and subsequently Kevin Day held the CEO position; and Dixie Carter assumed the presidency.
By September 2015, Jeff Jarrett divested his minority shares, resulting in Panda Energy acquiring full control of TNA. Nevertheless, in April 2016, Panda Energy completely exited its ownership, handing over full control to Dixie Carter, who then became the sole proprietor and maintained her role as president. This ownership change represented a major realignment in TNA's management and corporate governance.