Quinbrook raises $A1.2 bn for renewable and storage projects in UK

The Australian founded renewable energy investor Quinbrook Infrastructure Partners has concluded a UK-focused fund raising of $A1.2 billion, more than 20 per cent more than was sought.

Quinbrook was founded in 2015 by Australians David Scaysbrook and Rory Quinlan and has emerged as one of the world’s biggest renewable energy developers.

In Australia, it has teamed up with software billionaire Mike Cannon-Brookes for the development of the massive Sun Cable solar and battery project in the Northern Territory.

Quinbrook announced on Wednesday (Australian time) that the fund raising for its UK-focused Quinbrook Renewables Impact Fund (QRIF) has attracted £620 million of investor commitments, exceeding the initial target of £500 million by more than 20 per cent.

QRIF is Quinbrook’s third managed fund and is designed to support the UK government’s target of decarbonising the country’s power system by 2035. It was marketed exclusively to UK institutional investors, and attracted multiple new investors from across the UK.

“The differentiated strategy and the sheer scale of impact the Fund seeks to have in the UK market has proven highly attractive to QRIF’s institutional investors,” said Rory Quinlan, Quinbrook’s London-based managing partner and co-founder.

The portfolio includes the Cleve Hill solar and battery storage project, the 230MW/460MWh Uskmouth battery energy storage project, and the Rassau synchronous condenser in Wales.

“Strong macro tailwinds are supporting QRIF’s investment strategy, with the confluence of societal will, political imperatives which are cross party in the UK and fundamental economics driving decarbonisation of power,” said Mark Burrows, Quinbrook’s head of Europe, capital formation, and investor engagement.