Quinbrook Finalizes $600 Million Solar+Storage ‘Continuation Fund’ Closure

Quinbrook Infrastructure Partners, a specialized global investment manager dedicated to energy transition infrastructure, has successfully closed Quinbrook Valley of Fire Fund, securing $600 million in capital commitments from prominent US and European institutional investors. This fund, an extension of Quinbrook’s Low Carbon Power Fund (“LCPF”), continues its focus on large-scale solar+storage initiatives, following the LCPF’s final closure in 2019. The Quinbrook Valley of Fire Fund has acquired a 51% stake in the Gemini Solar + Storage project and full ownership of the remaining Valley of Fire project development portfolio (“VoF”) from the LCPF and other equity holders. Blackstone Strategic Partners serves as the lead investor in the Quinbrook Valley of Fire Fund.

The transaction has generated outstanding returns for LCPF investors while establishing a new growth platform to secure primary capital commitments for advancing the development and construction of numerous large-scale solar + storage projects within the VoF portfolio.

Gemini, situated near Las Vegas, Nevada, is one of the largest operational solar + storage projects in the US, operating under a 25-year off-take contract. Featuring 690 MWac of solar capacity and a 1,416 MWh battery storage facility, Gemini is anticipated to supply clean energy sufficient to power 260,000 homes during peak periods and offset 1.5 million metric tons of CO2 annually. In 2022, APG acquired a 49% equity stake in the Gemini project on behalf of its pension fund client ABP.

The Valley of Fire portfolio includes seven projects with a combined solar PV capacity exceeding 2.65 GW, with potential additional battery storage capacity of 1.5 GW. These projects are spread across Nevada, Colorado, and Arizona and are at various stages of development, ranging from early to late stages.

“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.”

“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.