EnCap's epic $6 billion

EnCap raised a total of $6.4 billion associated with Fund XII, including $1.2 billion of co-investment for Fund XII portfolio companies.
Fund XII currently includes investments in 12 portfolio companies across major U.S. oil and gas basins.
EnCap has successfully closed EnCap Energy Capital Fund XII with capital commitments of $5.25 billion, exceeding its initial target and hitting its hard cap.
The firm has a long history of providing growth capital to proven management teams focused on the upstream sector of the oil and gas industry in North America.
Approximately 40 percent of the capital commitments came from new relationships with institutional investors and large family offices.
The Fund XII capital raise was bolstered by over $22 billion in distributions returned to EnCap’s investors since 2021.

Montana Renewables will expand Sustainable Aviation Fuel capacity by 300 million gallons per year.
The U.S. Department of Energy awarded a conditional commitment for a loan guarantee of up to $1.44 billion for the renewable fuels facility.
The expansion will position Montana Renewables as one of the largest Sustainable Aviation Fuel producers globally.
The facility is expected to produce approximately 300 million gallons of Sustainable Aviation Fuel and 330 million gallons of combined Sustainable Aviation Fuel and renewable diesel.
The expansion includes constructing a second renewable fuels reactor and increasing the capacity of existing units.
The loan guarantee is structured in two tranches, with the first tranche of approximately $778 million expected to close in the fourth quarter.
A $150 million equity investment will accompany the initial closing of the loan.

Southwest Airlines has announced a sustainable aviation fuel supply agreement with Valero Marketing and Supply Company to bring SAF to Chicago Midway International Airport.
This agreement is the largest SAF supply agreement announced in Illinois.
Southwest will purchase a minimum of 3.6 million gallons of neat SAF, with the option to buy up to 25 million gallons over two years.
The neat SAF is expected to reduce lifecycle greenhouse gas emissions by approximately 74% to 84% compared to conventional jet fuel.
The SAF will be produced from waste-based feedstocks such as used cooking oil, animal tallow, and distiller's corn oil.
Diamond Green Diesel, a joint venture of Valero and Darling Ingredients Inc., will supply the neat SAF.

Williams has invested in ION Clean Energy, a carbon capture technology firm.
ION has developed patented technology to capture CO2 emissions using a liquid amine system.
The firm is creating a standard plant design for economical solutions targeting smaller point sources.
Williams aims to partner with ION to deploy these modular plants efficiently.
ION is also working on several carbon capture projects for natural gas combined cycle power plants.
Natural gas combined cycle power plants account for over 32 percent of U.S. power generation.
Williams made the investment through its Corporate Venture Capital program that supports commercialization of emerging technologies like clean hydrogen and solar.
Williams has committed over $50 million to venture funds and direct investments in energy transition technologies.

Redaptive has secured an additional $100 million equity investment from the Canada Pension Plan Investment Board.
In 2023, global carbon emissions from fossil fuels reached record highs, with the buildings and construction sector contributing 37%.
Redaptive partners with major corporations to support their net-zero goals through fully-funded energy-saving and renewable upgrades.
The company utilizes proprietary technology solutions at over 40 Fortune 500 companies, including McKesson and Saint-Gobain.
Redaptive specializes in large Commercial & Industrial companies, providing comprehensive solutions for long-term energy efficiency programs.
The proprietary metering technology offers real-time energy data, giving customers insights and control over energy use.

Foss & Company announced the closing of an investment exceeding $100 million for the Anemoi Energy Storage battery energy storage system.
This deal marks Foss & Company's third investment in a utility scale battery energy storage project.
The partnership with Plus Power emphasizes a commitment to innovation and sustainability in renewable energy.
Anemoi Energy Storage is a standalone 200 MW / 400 MWh project located near Edinburg, Texas.
The project aims to enhance grid reliability and enable renewable energy integration in the region.

The DOE announced $900 million in funding to support the deployment of Generation III+ small modular reactor technologies.
Nuclear power provided nearly half of America's carbon-free electricity in 2023.
Utilities are exploring new reactor constructions, extending the lifespan of existing reactors, and even restarting closed ones.
Small modular reactors offer flexibility and can support various applications beyond power generation.
The funding will be distributed in two tiers: First Mover Team Support and Fast Follower Deployment Support.
First Mover Team Support will allocate up to $800 million to support two first mover teams committed to deploying a reactor.
Fast Follower Deployment Support will provide up to $100 million to help additional deployments by addressing challenges in design, licensing, and supply chain.

Last Energy announced a project to build four micro-nuclear plants in South Wales to decarbonise local industry.
The project represents a £300 million economic investment and aims to create 100 local jobs without requiring public funding.
The plants will be located on a site that previously housed the coal-fired Llynfi Power Station, providing 24/7 baseload power to mid-size manufacturers.
Last Energy plans to deliver the first plant by 2027, contingent on regulatory approvals.
The plants will produce enough energy to power approximately 244,000 UK homes annually and support the Welsh Government’s 2030 net zero targets.

Check out the latest Sunya Stories podcast with JP Morgan’s Rama Variankaval.
Rama Variankaval is Global Head of Corporate Advisory & Sustainable Solutions at J.P. Morgan. This group combines the capabilities of Corporate Finance Advisory, Center for Carbon Transition, Sustainable Solutions, and Infrastructure Finance Advisory.
We talk energy transition, carbon reduction, and the impact of AI on energy.
This episode is audio-only and you can find it on Spotify or Apple Podcasts as well.