Quinbrook Infrastructure Partners has closed its Valley of Fire fund with $600 million in capital commitments from US and European investors.
The fund is a continuation of the large scale solar and storage strategy of Quinbrook’s Low Carbon Power Fund and has already acquired 51% of the 690MW Gemini project in Nevada and 100% of taken control of the remaining Valley of Fire project development portfolio from the LCPF and certain other equity holders.
The lead investor in the Quinbrook Valley of Fire Fund is Blackstone Strategic Partners.
APG controls 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 totalling 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.
“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,” said Quinbrook managing partner Rory Quinlan.
“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.”
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.
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.