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    Quinbrook concludes a funding round of $600 million for solar and storage projects

    Quinbrook Infrastructure Partners has successfully concluded its Valley of Fire fund, securing $600 million in capital commitments from investors based in the US and Europe.


    This fund represents an extension of Quinbrook’s strategy focused on large-scale solar and storage projects, building upon the initiatives of its Low Carbon Power Fund. Notably, the fund has already acquired a 51% stake in the 690MW Gemini project in Nevada, as well as assumed full control of the remaining development portfolio for the Valley of Fire project from LCPF and other equity holders.


    Blackstone Strategic Partners serves as the lead investor for the Quinbrook Valley of Fire Fund, while APG manages a 49% equity stake in the Gemini project on behalf of its pension fund client ABP.


    The Valley of Fire portfolio consists of seven projects, boasting over 2.65GW of solar PV capacity, with the potential to incorporate an additional 1.5GW of battery storage capacity. These projects are spread across Nevada, Colorado, and Arizona, encompassing various stages of development, from early to late.


    Rory Quinlan, Quinbrook managing partner, said “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.”


    Primergy Solar, a company within the Quinbrook portfolio, oversees the continuous development of the portfolio. Recently, it finalized a long-term Power Purchase Agreement (PPA) for the entire capacity of the leading-edge project known as the Purple Sage Energy Center.


    This project, situated in Nevada, comprises a 400 MWac solar array along with a 1.6 GWh battery energy storage system. San Diego Community Power has been secured as the customer for the off-take arrangement.


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


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