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Preheat oven to 350 degrees F (175 degrees C). Grease two 9x5-inch loaf pans.
Beat sugar and shortening together in a bowl until fluffy. Stir butternut squash, eggs, and water into sugar mixture.
Mix flour, baking soda, baking powder, salt, cinnamon, and cloves in another bowl; stir into sugar mixture. Add nuts and raisins; stir until batter is just blended. Pour batter into prepared loaf pans.
Bake in the preheated oven until a toothpick inserted into the center comes out clean, about 1 hour. Cool in the pans for 15 minutes before removing to cool completely on a wire rack.