NGP Energy Technology Partners, a Washington, DC-based private equity fund, has closed a second cleantech fund worth $348 million.

NGP Managing Partner Philip Deutch told the Cleantech Group his firm now plans to invest $5 million to $25 million of growth capital in established U.S.-based cleantech companies.

Deutch described NGP as “late-stage investors” looking for companies with experienced management teams and strategic plans in fields including alternative energy and energy efficiency.

NGP, an affiliate of Texas-based NGP Energy Capital Management, now has almost $500 million under management. Its first round of funding, closed in 2005, was worth $148 million and resulted in investments in 12 cleantech firms, including TPI Composites, an Arizona wind blade manufacturer; and Xunlight, an Ohio silicon module maker.

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