ImpactAlpha, May 5 – Houston-based oil and gas private equity firm EnCap Investments has raised 22 institutional investment funds totaling roughly $38 billion over three decades. Its first fund dedicated to clean energy production brought in $1.2 billion for wind, solar and energy storage enterprises.
The fund has backed five companies in the battery storage, distributed power and utility-scale solar and wind sectors, including Broad Reach Power, Catalyze, Jupiter Power, Solar Proponent and Triple Oak Power. “Their early progress is exceeding our expectations,” said EnCap’s Jim Hughes.
The fund attracted pension and sovereign wealth funds, family offices, endowments, foundations and high-net-worth individuals. “There’s definitely a movement among institutional investors into ESG of all kinds, including in the energy space,” EnCap Investments’ Jason DeLorenzo told Reuters.
Separately, Minneapolis-based CarVal Investors raised a $490 million clean energy fund to deploy into solar farms and battery storage in North America.