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ECP completes $6.7bn Fund V fundraise

Energy Capital Partners, an equity and credit investor across energy transition, electrification and decarbonisation infrastructure assets, has held the final close of its fifth flagship equity strategy, ECP V, with total capital commitments of $4.4bn.

ECP exceeded its initial $4.0bn target for Fund V by 10% and also raised an additional $2.3bn of co-investment capital, according to a press statement. Commitments to Fund V were secured from existing and new investors globally including public and private pensions, insurance companies, asset managers and family offices.

Fund V will continue ECP’s strategy of investing in companies in power generation, renewable and storage assets and critical sustainability and decarbonisation infrastructure.

The fund has already completed eight investments, totalling $2.2bn of capital ($4.4bn including co-investment), in the last two years, including this week’s $2.6bn (equity value) take-private of Atlantica Sustainable Infrastructure, a diversified renewable and power platform with assets located primarily across the US and Europe.

Other Fund V deals include the take-private of UK-based waste management business Biffa and an investment in biofuels platform Harvestone.

ECP has been investing in the power space since its 2005 inception. In 2018, it took Calpine Corporation — which claims to be “America’s largest generator of electricity from natural gas and geothermal resources” on its website — private.

Kirkland & Ellis advised ECP on fund formation.

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