Climate Adaptation
TPG’s Climate Fund Backs Ambitious US Carbon-Capture Project
- TPG Rise Climate invests $300 million and SK E&S $110 million
- Pipeline to handle ethanol, other agriculture carbon emissions
A carbon capture project in Texas
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Private equity firm TPG Inc.’s climate investing arm and South Korea’s SK E&S are putting $410 million into a company seeking to curb agriculture emissions by building what may be the world’s biggest carbon-capture and storage project.
Total financing is now more than $1 billion, completing the firm’s private fundraising efforts, according to project developer Summit Carbon Solutions. TPG Rise Climate, chaired by former US Treasury Secretary Hank Paulson and part of a group of funds that includes board members Richard Branson and rock musician Bono, is investing $300 million, while SK E&S is committing $110 million to secure 10% share of the firm.