ENERGY STORAGE

Storage investor Energy Capital Partners completes $6.7 billion fundraise

June 4, 2024

Energy storage and renewables investor Energy Capital Partners has completed a $6.7 billion fundraise.

It closed of its fifth flagship equity fund, ECP V (Fund V), with total capital commitments of $4.4 billion and also raised an additional $2.3 billion of co-investment capital.

ECP said Fund V “will continue ECP’s cycle-tested investment strategy of transforming attractive and growing companies in power generation, renewable and storage assets and critical sustainability and decarbonisation infrastructure”.

“ECP’s continued success is a testament to the strength of our proven strategy, growing demand for reliable, affordable, and clean energy, as well as the hard work of our team,” said Doug Kimmelman, founder and senior partner of ECP. “The electricity sector is transforming into a major growth area for both the US and global economy, with forecasts projecting that electricity demand will skyrocket by 1.5-2.0x over the next 15 years from current levels. This growth is being driven by converging demand from factors such as data centres, electric vehicles, onshoring of manufacturing and electrification. At this exciting time for our core sectors, we are pleased to have the abundant capital and decades-long specialised experience needed to capitalise on opportunities and create value for our firm and investors.”

Emily Zovko, head of investor services and managing director at ECP, added: “The successful final close of ECP V represents a milestone for our firm and demonstrates the strong support and confidence from our LPs around the world. ECP’s focused efforts to build, execute, and ultimately drive value from a robust pipeline of investments tied to electrification, decarbonisation, reliability and sustainability remain at the centre of ECP’s success as it has for the last 19 years.”

Commitments to Fund V were secured from a broad mix of existing and new investors across the globe, including public and private pensions, insurance companies, asset managers and family offices.

Kirkland & Ellis acted as fund formation counsel to ECP.

 

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