Quinbrook Valley of Fire Fund Secures $600M in Capital Commitments for Renewable Energy Projects

Quinbrook, a leading investor in renewable energy projects, has announced the successful closure of the Quinbrook Valley of Fire Fund, raising $600 million from prominent US and European institutional investors. This fund, a continuation of Quinbrook’s large-scale solar+storage strategy, aims to further expand its portfolio of impactful renewable energy assets.

The Quinbrook Valley of Fire Fund has acquired a majority stake in the Gemini Solar + Storage project and full ownership of the Valley of Fire project development portfolio from the Low Carbon Power Fund (LCPF) and other equity holders. Notably, Blackstone Strategic Partners leads the investor consortium, with Ares Management Infrastructure Secondaries funds as a cornerstone investor.

Rory Quinlan, Co-founder and Managing Partner of Quinbrook, emphasized the fund’s commitment to renewable energy development and its track record of optimizing returns for investors. The transaction, which marks a successful GP-led secondary transaction, aims to enhance value for investors while supporting the growth of Quinbrook’s renewable energy portfolio.

Gemini, situated near Las Vegas, Nevada, stands as one of the largest solar + storage projects in the US. With a capacity of 690 MWac of solar and a 1,416 MWh battery storage facility, Gemini is expected to power 260,000 homes during peak periods and reduce CO2 emissions by 1.5 million metric tons annually. Additionally, the Valley of Fire portfolio comprises seven projects totaling over 2.65 GW of solar PV capacity, with potential for an additional 1.5 GW of battery storage capacity.

Quinbrook’s portfolio company, Primergy Solar, oversees the development of these projects, including the Purple Sage Energy Center, a 400 MWac solar and 1.6 GWh battery energy storage project in Nevada. The off-take customer for this project is San Diego Community Power.

Mark Bhupathi, Head of Blackstone Infrastructure Secondaries, expressed excitement about investing in Quinbrook’s renewable energy initiatives, highlighting the importance of energy transition for Blackstone.

PJT Partners LP acted as the lead financial advisor for the transaction, with Kirkland & Ellis LLP and Proskauer Rose LLP serving as legal counsel to Quinbrook and Blackstone Strategic Partners, respectively.