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EnCap Investments raises $1.2bn for first clean-energy fund

Wednesday, May 05, 2021

Laxman Pai, Opalesque Asia:

Oil and gas investor EnCap Investments raised $1.2 billion for its first fund dedicated to renewable-energy project developers.

The Houston private equity firm launched EnCap Energy Transition Fund I LP in 2019 after investing exclusively in the oil-and-gas sector for the past three decades. It had raised more than $38 billion since its founding in 1988, with its latest flagship vehicle amassing $7 billion in 2017.

According to media reports, fundraising started in October 2019 and was stalled by the coronavirus pandemic. The fund fell short of its $1.5 billion target.

According to a press release from the American private equity firm, EnCap Energy Transition Fund I will focus on creating wind, solar, and energy storage projects. It has already sent capital to five businesses: Broad Reach Power, an energy-storage company; Catalyze, which helps integrate renewable energy technologies into new and existing buildings; Jupiter Power, an energy-storage company; SolarProponent, a utility-scale solar business; and Triple Oak Power, a wind-energy company.

With its first energy transition fund, EnCap raised committed capital from a diverse set of domestic and international investors including corporate and government-sponsored pension funds, sovereign wealth funds, family offices, endowments, foundations, and high-net-worth individuals.

"With the support of our investors, we have been able to establish five enterprises that are suppor......................

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