Quinbrook Closes $600m Solar+Storage ‘Continuation Fund’

‘Quinbrook Valley of Fire Fund’ acquires 51% stake in landmark Gemini Solar+Storage Project and Valley of Fire development portfolio

NEW YORK–(BUSINESS WIRE)–Quinbrook Infrastructure Partners (“Quinbrook”), a specialist global investment manager focused exclusively on the infrastructure needed for the energy transition today announced the successful closing of Quinbrook Valley of Fire Fund with $600 million in capital commitments from leading US and European institutional investors. The Fund is a continuation of the large scale solar+storage strategy of Quinbrook’s Low Carbon Power Fund (“LCPF”) which held its final closing in 2019. The Quinbrook Valley of Fire Fund has acquired 51% of the Gemini Solar + Storage project and 100% of the remaining Valley of Fire project development portfolio (“VoF”) from the LCPF and certain other equity holders. The lead investor in the Quinbrook Valley of Fire Fund is Blackstone Strategic Partners.

“This successful closing underscores Quinbrook’s commitment to impactful renewable energy project development and new asset creation and its track record of pursuing strategies that seek to optimize returns for investors wanting differentiated exposure to the energy transition. The decision to pursue a GP-led secondary transaction reflects our commitment to enhancing value for our LPs, while continuing to support the development of a distinct portfolio of landmark renewables assets,” said Rory Quinlan, Co-founder and Managing Partner of Quinbrook Infrastructure Partners. “We are excited to welcome such well known and respected investors to Quinbrook, including lead investor Blackstone Strategic Partners and cornerstone investor Ares Management Infrastructure Secondaries funds.”

The transaction has delivered an exceptional return on investment for LCPF investors while creating a new growth platform to provide primary capital commitments to fund the continued development and construction of several large scale solar + storage projects in the VoF portfolio.

Gemini, located just outside of Las Vegas, Nevada, is currently one of the largest solar + storage projects in the US now operational under a 25-year off-take contract. With 690 MWac of solar + a 1,416 MWh battery storage facility, Gemini is expected to generate enough clean energy to power 260,000 homes during super peak periods and displace 1.5 million metric tons of CO2 annually. In 2022, APG acquired a 49% equity ownership in the Gemini project on behalf of its pension fund client ABP.

The Valley of Fire portfolio is made up of seven projects totaling over 2.65GW of solar PV capacity with the potential to add a further 1.5GW of battery storage capacity. The projects span Nevada, Colorado and Arizona and range between early-to-late-stage development.

Quinbrook portfolio company, Primergy Solar, manages the ongoing development of the portfolio and recently signed a long-term Power Purchase Agreement for the full capacity of the most advanced stage project called the Purple Sage Energy Center, which is a 400 MWac solar and 1.6 GWh battery energy storage project located in Nevada, between Las Vegas and the California state border. The offtake customer is San Diego Community Power.

“Energy transition is a major theme for Blackstone and we are excited to invest with Quinbrook and Primergy,” said Mark Bhupathi, Head of Blackstone Infrastructure Secondaries.

PJT Partners LP acted as the lead financial advisor on the transaction. Kirkland & Ellis LLP served as legal counsel to Quinbrook, while Proskauer Rose LLP served as legal counsel to Blackstone Strategic Partners.

About Quinbrook

Quinbrook Infrastructure Partners (http://www.quinbrook.com) is a specialist investment manager 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 in the UK, US, and Australia.

Contacts

Media:
Jennifer Pflieger

+1 (212) 446-1866

jpflieger@sloanepr.com