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Quinbrook closes $600 million solar+storage focused fund

The Gemini Solar + Storage project is one of the largest operational in the US. Image: Primergy Gemini

Clean power-focused fund company Quinbrook Infrastructure Partners announced it had successful closed the Quinbrook Valley of Fire (VOF) Fund with $600 million in capital commitments from leading US and European institutional investors, with Blackstone Strategic Partners serving as lead investor.

The specialist global investment manager, which focuses exclusively on infrastructure need to drive the energy transition in the US, UK and Australia, said the VOF fund was a continuation of its large scale solar + storage strategy, first adopted with the Quinbrook Low Carbon Power Fund.

The VOF fund has acquired 51 percent stake in the Gemini Solar + Storage project and 100 percent of the remaining Valley of Fire project development portfolio from the Low Carbon Power Fund and others.

Altogether, the VOF fund's portfolio now consists of seven projects in early- and late-stage development spread across Nevada, Colorado and Arizona. They boast over 2.65 GW of solar PV capacity with the potential to add a further 1.5 GW of battery storage capacity.

Rory Quinlan, Co-founder and Managing Partner of Quinbrook Infrastructure Partners, said in a statement: "This successful closing underscores Quinbrook's commitment to impactful renewable energy project development and new asset creation."

Mark Bhupathi, Head of Blackstone Infrastructure Secondaries, commented on the transaction: "Energy transition is a major theme for Blackstone and we are excited to invest with Quinbrook."

The Gemini project, located just outside of Las Vegas, Nevada, is one of the largest operational solar + storage projects in the US, currently serving under a 25-year off-take contract. The project boasts 690 MWac of solar capacity coupled with a 1,416 MWh battery storage facility. It is expected to generate enough clean energy to displace 1.5 million metric tonnes of CO2 a year. 

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