ECP has announced the successful completion of 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.
Latham & Watkins LLP advised ECP on the fund formation with an Investment Funds team led by New York partner Andrea Schwartzman 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. New York M&A partners David Kurzweil and Jane Greyf, with associates Karen Song and Mack Weber, advised ECP on the sale of Terra-Gen to First Sentier Investors and the Continuation Fund.