Quinbrook fund secures $600m in fresh capital to advance 2.65GW of US solar developments

Quinbrook Infrastructure Partners closed its Valley of Fire Fund with $600m in capital commitments that will advance development of a seven-project, 2.65GW solar portfolio in the US with potential to add 1.5GW of battery storage capacity.

“Leading” US and European institutional investors committed the capital, according to Australia-based Quinbrook, a specialist global investment manager focused on energy transition infrastructure needs.

Blackstone Strategic Partners, a unit of Blackstone, the world’s largest alternative asset manager, is the fund’s lead investor.

“This successful closing underscores Quinbrook’s commitment to impactful renewable energy project development and new asset creation,” said Rory Quinlan, co-founder and managing Partner, at Quinbrook.

The Valley of Fire facilities span Arizona, Colorado, and Nevada, and range from early- to late-stage development.

Purple Sage Energy Center in Nevada, the most advanced in the pipeline, recently signed a long-term power purchase agreement (PPA) with San Diego Community Power for the full capacity of 400MW and 1.6GW battery storage.

Quinbrook portfolio company, Primergy Solar, manages both Valley of Fire’s project development suite and its sprawling 51%-owned Gemini array near Las Vegas.

At 690MW with 380MW storage capacity, Gemini is among the largest such US facilities in operation. APG, the biggest pension asset manager in the Netherlands, owns 49%.

Gemini, a $1.2bn investment, has a 25-year PPA with NV Energy, the dominant electric utility in Nevada owned by Warren Buffett’s Berkshire Hathaway conglomerate.

Scout Energy, another Quinbrook portfolio company, is a leading mid-size clean power project developer. Based in Colorado, Scout on 1 January had about 1.9GW of US onshore wind capacity in its development pipeline, fourth among developers here.