Quinbrook Breaks Ground on Second Phase of UK’s Largest Portfolio of Synchronous Condensers
Quinbrook to invest over GBP 200 million in Scotland, building critical grid infrastructure that will support over 550 jobs whilst enabling a stable energy transition
LONDON–(BUSINESS WIRE)–Quinbrook Infrastructure Partners (“Quinbrook”), a specialist investment manager focused exclusively on the infrastructure needed to drive the energy transition, announced today the commencement of construction of four new synchronous condensers, each of which secured long term, index linked (CPI) revenues under Phase 21 of National Grid ESO’s Stability Pathfinder Programme2. The projects located near Gretna, Neilston, Rothienorman and Thurso, respectively, are known collectively as the “Scottish Portfolio.” Quinbrook, its development affiliate Private Energy Partners, and Welsh Power began the work to identify suitable locations for the Scottish Portfolio in early 2020, with priority given to sites adjacent to existing substations where National Grid ESO has critical need for a new stability service.
Rory Quinlan, Co-Founder and Managing Partner of Quinbrook, said: “We view the UK’s electricity sector and its ‘Net Zero’ ambitions as a highly attractive investment opportunity for the next generation of critical energy transition infrastructure. Crucially, our ‘whole of system’ investment philosophy puts the emphasis on addressing fundamental system needs and enablers to deliver the second half of the energy transition that will see the UK move from a 50 percent to a 100 percent decarbonised power system.”
Quinbrook expects to invest over GBP 200 million to build the Scottish Portfolio which is envisaged to support over 550 jobs during construction. Once operational, Quinbrook’s total synchronous condenser portfolio is projected to have supported over 1,500 jobs in regions identified as Priority 13 by the Government’s Levelling Up Fund’s Index of Priority Places. Quinbrook utilised the equipment specification and procurement of the new synchronous condensers to continue its policy to prioritise the use of local contractors and specialists, such as R J Mcleod, during construction works, which is central to Quinbrook’s stewardship of its investments and key to delivering a Just Transition.
“The fully inflation linked contracts offered by the Stability Pathfinder Programme are a timely example of how specialist investors like Quinbrook can identify differentiated investments that deliver both attractive returns and inflation protection. These clean energy enabling infrastructure projects can create significant local employment opportunities and also deliver real impact by supporting new investment in regional communities, directly supporting the UK Government’s levelling up agenda to reduce geographic inequality across the country,” added Quinlan.
The construction of the Scottish Portfolio adds to Quinbrook’s growing portfolio of innovative UK businesses that directly support the energy transition in important areas, such as Flexitricity and Habitat Energy. These entrepreneurial businesses founded in the UK, reinforce Quinbrook’s strategic moves into the supply of critical flexible capacity, grid support infrastructure and intelligent battery storage optimisation that together enable more variable and weather-dependent renewables to be built as the UK looks to secure its long-term energy supply and seize the opportunities of Net Zero.
About Quinbrook
Quinbrook Infrastructure Partners (http://www.quinbrook.com) is focused exclusively on the infrastructure needed to drive the energy transition in the UK, US, and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested c.USD 8.2 billion equity in energy infrastructure assets since the early 1990s, representing a total enterprise value of c.USD 28.7 billion or 19.5 GW of power supply capacity. Quinbrook has completed a diverse range of direct investments in both utility and distributed scale onshore wind and solar power, battery storage, reserve peaking capacity, biomass, fugitive methane recovery, hydro and flexible energy management solutions in the UK, US, and Australia. Quinbrook is currently developing and constructing some of the largest renewables and storage infrastructure projects ever undertaken in the UK, US, and Australia.
1 https://www.nationalgrideso.com/future-energy/projects/pathfinders/stability/Phase-2
2 Based on announced results from Phase 1, Phase 2 and Phase 3 of Stability Pathfinder https://www.nationalgrideso.com/future-energy/projects/pathfinders
3 https://www.gov.uk/government/publications/levelling-up-fund-round-2-updates-to-the-index-of-priority-places
Contacts
Jennifer Pflieger
jpflieger@sloanepr.com
+1 (212) 446-1866
