EIG, a leading institutional investor in the global energy and infrastructure sectors, has held the initial closing of EIG Geothermal Catalyst Partners (the Fund), a dedicated investment vehicle focused on making investments to support the development of next-generation geothermal projects in the US.

The Fund is designed primarily to provide mid-stage development capital to help advance geothermal projects through key technical and commercial milestones. By supporting projects at a critical stage of development, the Fund aims to help de-risk opportunities and enable broader institutional participation in the geothermal sector over time, while pursuing attractive, risk-adjusted investment returns consistent with EIG’s disciplined investment approach.

The Fund reflects EIG’s long-standing experience investing across the energy value chain, including power generation and subsurface-intensive assets, and its view that geothermal can play an increasingly important role in delivering firm, reliable, and low-carbon power as global electricity demand continues to grow. EIG believes the sector is entering a new era, driven by technological innovation and improved project economics.

Andrew Ellenbogen, President of EIG, commented: “We believe geothermal power represents a compelling opportunity that has the potential to deliver scalable, reliable, and low-carbon power using many of the same subsurface capabilities that have underpinned decades of energy development. With EIG Geothermal Catalyst Partners, EIG seeks to apply its technical expertise and investment experience to help advance high-quality geothermal projects at an important stage in their development.”

R. Blair Thomas, EIG’s CEO, added: “EIG has a long history of investing across the energy value chain, including technologies that support the energy transition while maintaining reliability and affordability. The closing of EIG Geothermal Catalyst Partners reflects our conviction in geothermal power’s long-term potential and our commitment to supporting innovative energy solutions that we believe can help meet growing global power demand.”