The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Quinbrook closes US$600 million fund for solar, storage projects in Nevada, Colorado, Arizona

By JP Casey

Investment manager Quinbrook Infrastructure Partners has closed funding for its Valley of Fire Fund, raising US$600 million in capital commitments from what it called “leading US and European institutional investors”.

The fund is the continuation of the company’s Low Carbon Power Fund (LCPF), which raised US$1.6 billion in 2019 to support a number of renewable projects, including the Gemini solar-plus-storage project in the US state of Nevada. The project has a solar generation capacity of 690MWac, alongside a 1.4GWh battery energy storage system (BESS).

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Blackstone Strategic Partners is the lead investors in the Valley of Fire fund, and the vehicle has now acquired 51% of the Gemini project, along with all of the remaining projects owned by the LCPF. The remaining stake in the Gemini project is owned by Dutch pension asset manager APG.

The Valley of Fire portfolio consists of seven projects, including Gemini, with over 2.65GW of solar PV capacity, and the potential to add 1.5GW of additional battery storage capacity. The projects are located in Arizona, Colorado and Nevada, and Quinbrook describes them as “between early-to-late-stage development”.

The news is Quinbrook’s latest development in the space, following the work of its subsidiary, Primergy Solar, to collaborate with lithium-ion battery manufacturer CATL at the Gemini project in 2022. Primergy also signed a long-term power purchase agreement (PPA) with San Diego Community Power last month to sell power from its Purple Sage Energy Center as it expands its portfolio in the US.

This story first appeared on PV Tech.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

May 21, 2024
A roundup of large-scale solar and storage news from across the US, with RWE buying three projects from Galehead Development, Origis Energy securing US$300 million for its pipeline and Appalachian Power launching an RFP for 1.1GW of renewables and storage.
May 21, 2024
Finding developers who want long-term partnerships on projects is key when entering multiple different markets, the head of shipping and energy infrastructure firm BW Group’s energy storage development and operation arm says.
May 21, 2024
There is “no shortage of investor appetite” and policy support is in place, but there are still some barriers to energy storage deployment on the scale needed to decarbonise Australia’s energy sector.
May 16, 2024
France-headquartered independent power producer (IPP) Voltalia has started building a 126MW solar PV project in Uzbekistan, to which it will add a 50MW/100MWh BESS with plans to build another project ten times as big.
May 16, 2024
Infrastructure investor InfraVia has bought a majority stake in Giga Storage, a Netherlands-headquartered BESS developer which is building a 2.4GWh project in Belgium.

Most Popular

Email Newsletter