Quinbrook Infrastructure Partners (Quinbrook), a specialist global investment manager focused exclusively on the infrastructure needed for the energy transition, has held the final closing of the Net Zero Power Fund (NZPF).
Quinbrook secured a total of US$3 billion of new capital commitments in aggregate across the fund and co-investment vehicles for the NZPF strategy. The NZPF is Quinbrook’s fifth successive energy transition focused fund raised to date. The Fund attracted new institutional investors from the US, Canada, Australia, the UK, Sweden, Norway, Finland, and the EU and comprised a mix of pension, sovereign, and insurance institutions along with a number of fund of funds, endowments, and family offices.
NZPF’s strategy pursues a defined set of thematics ranging from large scale solar and storage, sustainable infrastructure solutions for hyperscale data centre customers, renewable fuels production, synchronous condensers providing direct grid support, and contracted battery storage in strategic locations.
Notable investments included:
- Primergy Solar, a US solar and storage developer, owner and operator with an ‘under construction’ and project development pipeline exceeding 12 GW across multiple US states and power markets with long-term customers including Microsoft.
- Rowan Digital Infrastructure, a US based developer of sustainable infrastructure solutions for hyperscale data centre operators with a portfolio of both contracted and development stage campuses diversified across the US to host next-generation, mission critical, hyperscale data centres.
- The Supernode Storage Project, a fully permitted, multi-stage 750 MW battery energy storage system (BESS) located in Australia adjacent to the South Pine Substation – the central node of the Queensland electricity transmission system with Stages 1 and 2 recently contracted long term with Origin Energy, Australia’s largest electricity retailer.
- Purpose Energy, a US-based developer, owner and operator of biogas processing and renewable fuels supply projects deliver-ing solutions for the growing challenge of food waste solutions for major food manufacturers with several notable Fortune 500 customers.
- Project Severn, a UK portfolio of two synchronous condensers located at Sellindge in Kent, England and Cilfynydd in South Wales that are in early stage construction that will provide critical grid stability once operational. Quinbrook was awarded contracts for both projects in Phase III of National Grid’s Stability Pathfinder Programme.
“The Net Zero Power Fund follows our successful Low Carbon Power Fund and Renewables Impact Fund, which enabled us to develop, build and operate some of the largest and award winning renewable energy, battery storage and grid support projects in the US, the UK, and Australia. We are grateful for the support we’ve received from our existing investors and welcome many new investors to Quinbrook from all over the world,” stated Rory Quinlan, Quinbrook’s Co-Founder and Managing Partner. “This latest closing is a testament to our exceptional team who have worked tirelessly to execute and deliver real results for our LPs from differentiated and impactful offerings driving the energy transition forward.”
Quinbrook has already invested and committed more than half of total committed capital to date across the existing portfolio described above and expects to be fully committed within the next 12 months.
The NZPF is the third fund closing for Quinbrook in 2024 representing over US$4.3 billion in aggregate commitments secured. This includes the US$600 million for the Quinbrook Valley of Fire Fund which held its final close in April 2024 and the oversubscribed £620 million Quinbrook Renewables Impact Fund which held its final close in October 2023.
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