The fund, an affiliate of $9.6 billion NGP Energy Capital Management, will make growth capital investments of $5m-$25m. Interest from private equity investors exceeded NGP’s goal of raising $300m.
The fund is a follow-up to the firm’s first energy technology fund, which raised $148m in December 2005 and invested it in a dozen companies, including solar integrator groSolar; TPI Composites, a wind turbine blade maker; and small wind manufacturer Southwest Windpower.
