Texas-based Panda Energy has announced a merger and private placement to build it’s portfolio of ethanol refineries. The company release says the merger is expected to become effective this summer, subject to the satisfaction of certain requirements, and the combined entity will operate under the name of Panda Ethanol Inc. The private placement was approximately 14.9 million shares of common stock for $90 million. The proceeds from the offering will be used to help finance the ongoing construction and operation of Panda’s 100 million gallon, manure-fueled ethanol project in Hereford, Texas.