ECP has completed its first Continuation Fund with $1.2 billion in capital commitments, and the closing of the fund's subsequent acquisition of the remaining 50 percent interest held by ECP's third fund, ECP III, in Terra-Gen, a renewable energy developer and operator.
ECP previously sold a 50 percent stake in Terra-Gen to First Sentier Investors. The transaction will provide additional capital to support Terra-Gen's next phase of growth, while allowing ECP III to fully exit its original investment in the company.
ECP III originally acquired Terra-Gen in 2015, partnering with an experienced management team to acquire a portfolio of strategically located California renewable assets and capitalize on a number of compelling development opportunities. Since ECP's initial investment, the company has more than doubled its portfolio of operating renewable assets and expanded its pipeline of wind, solar and battery storage projects throughout California and numerous key domest