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Quinbrook Closes USD 600 Mn Solar+Storage ‘Continuation Fund’

Quinbrook Infrastructure Partners announced the successful closing of Quinbrook Valley of Fire Fund with USD 600 million in capital commitments from US and European institutional investors.

April 10, 2024. By News Bureau

Quinbrook Infrastructure Partners announced the successful closing of Quinbrook Valley of Fire Fund with USD 600 million in capital commitments from 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. 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", said Rory Quinlan, Co-founder and Managing Partner for Quinbrook.

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.

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