NGP Energy Technology Partners has announced that its second fund, NGP Energy Technology Partners II, closed in early June, with total commitments of $348 million, exceeding its goal of $300 million. The partnership's first fund, NGP Energy Technology Partners, closed in December 2005 with $148 million of capital.
NGP ETP, an affiliate of energy sector investment company NGP Energy Capital Management based in Washington, DC, now has $496 million in aggregate commitments.
NGP ETP invests between $5 million and $25 million of growth capital in companies that provide technology-related products and services to the oil and gas, power, alternative energy, and energy efficiency sectors. It focuses on late-stage, private-equity investment opportunities.
Solar sector firms in NGP ETP's investment portfolio include integrator company groSolar, inverter manufacturer Satcon, and thin-film PV producer Xunlight.