Oil and gas-focused private equity major EnCap Investments has raised $1.2bn to close its first fund targeting wind, solar and energy storage businesses.
EnCap has been a power player in US energy investing over the last 30 years, pulling in about $38bn of commitments largely focused on upstream and midstream oil and gas deals.
The firm closed its most recent flagship upstream oil and gas fund on $7bn in 2017, and raised $3.25bn to close EnCap Flatrock Midstream Fund IV a year later.
The Energy Transition Fund has already deployed capital in five platform investments in the battery storage, distributed power and utility-scale solar and wind sectors: Broad Reach Power, Catalyze, Jupiter Power, Solar Proponent and Triple Oak Power.
EnCap managing partner Doug Swanson said, “EnCap’s Energy Transition Managing Partners Jim Hughes, Tim Rebhorn, Kellie Metcalf and Shawn Cumberland have done a remarkable job working with our investor relations team and other EnCap principals to raise the fund while simultaneously building a valuable portfolio.
“Despite the challenges of the Covid pandemic, we have attracted outstanding talent and begun building value.
“We believe there are continued profitable investment opportunities across the entire energy value chain, and the addition of this third platform allows us to create dynamic companies that are transforming North America’s power grid.”
Vinson & Elkins served as legal counsel to EnCap on the formation of the fund.
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Source: https://www.altassets.net/private-equity-news/by-pe-sector/specialist-pe-sectors/oil-gas-investment-giant-encap-closes-first-renewables-fundraise-on-1-2bn.html
