Blackstone heads $600m investment in Quinbrook solar fund
Editorial StaffThe Facts -
- Blackstone Strategic Partners led a $600m fundraising for a solar and storage fund managed by Quinbrook Infrastructure Partners.
- The fund, called Quinbrook Valley of Fire, has acquired significant stakes in the Gemini Solar + Storage project and the Valley of Fire project in the US.
- The Valley of Fire portfolio comprises seven projects with over 2.65GW of solar capacity and the potential to add 1.5GW of battery storage capacity.
Blackstone Leads $600m Fundraising for Quinbrook Solar and Storage Fund
Blackstone Strategic Partners spearheaded a $600m (€552m) fundraising for a solar and storage fund managed by Quinbrook Infrastructure Partners. This fund made a secondary investment in a previous Quinbrook fund, demonstrating growth in renewable energy investment.
The Quinbrook Valley of Fire Fund, also supported by Ares Management's infrastructure secondaries funds and institutional investors from the US and Europe, is a continuation of Quinbrook's Low Carbon Power Fund (LCPF). The LCPF, a large-scale solar+storage strategy, concluded its final closing in 2019.
Quinbrook mentioned that the Valley of Fire Fund acquired a 51% stake in the Gemini Solar + Storage project and 100% of the remaining Valley of Fire project development portfolio (VoF) in the US. These were acquired from the LCPF and selected other equity holders.
Located near Las Vegas, Nevada, Gemini is one of the largest solar + storage projects in the US. In 2022, APG purchased a 49% equity ownership in the Gemini project for its pension fund client ABP.
The Valley of Fire portfolio comprises seven projects that total over 2.65GW of solar photovoltaic capacity. These projects, which have the potential to add 1.5GW of battery storage capacity, span Nevada, Colorado and Arizona at various stages of development.
Quinbrook portfolio company, Primergy Solar, oversees the portfolio's ongoing development. "The general partner-led secondary transaction is a testament to our commitment to increasing value for our limited partners and continuing to support landmark renewables assets," said Rory Quinlan, co-founder, and managing partner of Quinbrook Infrastructure Partners.
Mark Bhupathi, head of Blackstone's infrastructure secondaries business, expressed excitement about investing with Quinbrook and Primergy, citing energy transition as a central theme for Blackstone.
For more real asset news, click here to check out the latest IPE Real Assets magazine.
---
Read More USA Works News
