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 renewabl
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