ECP’s $1.2 Billion Continuation Fund

Latham & Watkins LLP advised ECP on the deal.

ECP completed its first Continuation Fund with US$1.2 billion in capital commitments, and the closing of the fund’s subsequent acquisition of the remaining 50% interest held by ECP’s third fund, ECP III, in Terra-Gen (the Company), a leading renewable energy developer and operator. ECP previously sold a 50% stake in the Company 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, founded in 2005, is a leading investor across energy transition and decarbonization infrastructure assets, including power generation, renewables and storage solutions, sustainability-linked infrastructure and customer solutions facilitating the energy transition. 

Terra-Gen, LLC is a New York headquartered renewable energy company focused on developing, owning, and operating utility-scale wind, solar, energy storage and geothermal generation assets. Terra-Gen and its subsidiaries are responsible for the operation of over 1,600 megawatts of renewable projects located in California, Colorado, Minnesota, Nevada, New York, Texas and Wyoming. 

Latham & Watkins LLP advised ECP on the fund formation with an Investment Funds team led by New York partner Andrea Schwartzman (Picture) and Washington, D.C. partner Amy Rigdon, with associates Lauren Ford, Connor Ross, Jason Xi, and Daniel Cote. Advice was also provided on tax matters by New York partner David Raab and Washington, D.C. partner Cheryl Coe, with associates Pierce Pandolph and Emmanuel Kassim. 

Involved fees earner: Cheryl Coe – Latham & Watkins; Daniel Cote – Latham & Watkins; Lauren Ford – Latham & Watkins; Pierce Pandolph – Latham & Watkins; David Raab – Latham & Watkins; Amy Rigdon – Latham & Watkins; Connor Ross – Latham & Watkins; Andrea Schwartzman – Latham & Watkins; Jason Xi – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Energy Capital Partners;

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Martina Bellini

Author: Martina Bellini