Blackstone Strategic Partners has led a $600m (€552m) fundraising for a Quinbrook Infrastructure Partners-managed solar and storage fund which has made a secondary investment in a previous Quinbrook fund.
The Quinbrook Valley of Fire Fund, which was also backed by Ares Management’s infrastructure secondaries funds as well as US and European institutional investors, is a continuation of Quinbrook’s Low Carbon Power Fund (LCPF), a large-scale solar+storage strategy that held its final closing in 2019.
Quinbrook said Valley of Fire Fund has acquired 51% of the Gemini Solar + Storage project and 100% of the remaining Valley of Fire project development portfolio (VoF) in the US from the LCPF and certain other equity holders.
Gemini, located just outside of Las Vegas, Nevada, is one of the largest solar + storage projects in the US. In 2022, APG acquired a 49% equity ownership in the Gemini project on behalf of its pension fund client ABP.
The Valley of Fire portfolio is made up of seven projects totalling over 2.65GW of solar photovoltaic capacity with the potential to add a further 1.5GW of battery storage capacity. The projects span Nevada, Colorado and Arizona and range between early-to-late-stage development.
Quinbrook portfolio company, Primergy Solar, manages the ongoing development of the portfolio.
Rory Quinlan, co-founder and managing partner of Quinbrook Infrastructure Partners, said: “The decision to pursue a general partner-led secondary transaction reflects our commitment to enhancing value for our limited partners 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.”
Mark Bhupathi, the head of Blackstone’s infrastructure secondaries business, said: “Energy transition is a major theme for Blackstone and we are excited to invest with Quinbrook and Primergy.
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