US private equity firm EnCap Investments has successfully closed its first energy transition fund, with commitments of about $1.2 billion.
EnCap, which has traditionally specialised in oil and gas, created the fund to invest in companies aimed at advancing the energy transition in the US, with a focus on creating wind, solar and energy storage enterprises.
It confirmed this week the fund had already deployed capital in five platform investments in the energy transition space, involving Broad Reach Power, Catalyze, Jupiter Power, Solar Proponent and Triple Oak Power.
“With the support of our investors, we have been able to establish five enterprises that are supporting the transition of the power grid, and their early progress is exceeding our expectations,” said EnCap energy transition managing partner Jim Hughes.
Source: UpStream
By Josh Lewis
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