ENERGY STORAGE

Quinbrook closes $600m solar-storage Valley of Fire Fund

April 5, 2024

Global investment manager Quinbrook Infrastructure Partners has closed the solar and storage-focused Quinbrook Valley of Fire Fund with $600 million in capital commitments from US and European institutional investors.

The fund is a continuation of the large scale solar and 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 per cent of the Gemini Solar + Storage project and 100 per cent of the remaining Valley of Fire project development portfolio (VoF) from the LCPF and other equity holders. The lead investor in the Quinbrook Valley of Fire Fund is Blackstone Strategic Partners.

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.

Rory Quinlan, co-founder and managing partner of Quinbrook Infrastructure Partners, 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.”

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

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.