Energy Capital announces first close of $150m fund

Energy Capital announces first close of $150m fund

Saudi Arabia-based investment company Energy Capital Group (ECG) has announced the close of its $150m fund that targets the creation of leading companies in the energy sector and energy-related technologies. The ECG fund was anchored by Jada Fund of Funds.

ECG said the successful fundraising effort is a validation of its strategy that aims to create and develop industrial services and technology-oriented national champions across the energy sector in line with the kingdom’s Vision 2030 national agenda and Aramco’s IKTVA programme, according to a company press release.

ECG Fund’s track record

The company said it aims to strengthen its existing supply market controls on the industrial value, energy, and asset base to promote industrial growth in Saudi Arabia and the Gulf Cooperation Council countries.

The successful first close reflects the expertise and leadership of ECG in driving forward the region’s industrial growth, as per a release. The fund aims to play a pivotal role in helping achieve the ambitious industrial development agendas of Saudi Arabia and the GCC region.

The fund was formed following a merger between ECG and Cayan Holdings, with Riyadh-based Watar Partners serving as a strategic advisor to the fund.

ECG was founded in 2008 by Ali Al-Turki and partners comprising prominent