Key Takeaways
- Quinbrook announced the final close of its second UK-focused Quinbrook Renewables Impact Fund (QRIF II), raising GBP 587 million in investor commitments, above its GBP 500 million target.
- QRIF II is Quinbrook's fifth managed fund and builds on its inaugural Renewables Impact Fund, which closed in 2023, focusing on infrastructure to support the UK's Clean Power 2030 targets and Ireland's goal of 80% renewable electricity by 2030.
- Notable portfolio investments include the 373 MW dc Mallard Pass Solar Project in the East Midlands, the Wexford Synchronous Condenser Project in Ireland, Aegis Energy's clean refuelling hubs, and the Norton solar and battery storage project in Stockton-on-Tees.
- Quinbrook has invested GBP 1.2 billion of equity capital to date in UK and Ireland projects, with total capital investment of GBP 1.7 billion.
- The QRIF II portfolio is expected to support 2,300 indirect and direct jobs and avoid more than 25 million tonnes of CO2 emissions over the projected lifetime of the fund's investments.
Quinbrook Closes £587 Million Renewables Impact Fund
Quinbrook, a specialist investment manager focused on infrastructure for the energy and digital transitions, announced the final close of its second UK-focused Quinbrook Renewables Impact Fund (QRIF II). Quinbrook raised GBP 587 million of investor commitments for the fund, exceeding its GBP 500 million target. QRIF II is Quinbrook's fifth managed fund and builds on the strategy of its inaugural Renewables Impact Fund, which closed in 2023. The fund was marketed exclusively to institutional investors in the UK and Ireland and saw a strong re-up rate from existing investors.
Fund Strategy and Targets
QRIF II is designed to deliver the infrastructure needed to support the UK's Clean Power 2030 targets and Ireland's goal of meeting 80% of electricity demand from renewable sources by 2030. The fund's portfolio features long-term, inflation-linked contracts and is supported by Quinbrook's dedicated delivery partner, Private Energy Partners, which provides development, construction management, and technical services across the fund's projects.
“As the UK and Ireland continue to make meaningful progress towards their energy transition goals, investor demand for infrastructure assets that deliver both resilience and decarbonisation continues to grow,” said Keith Gains, Managing Director and UK Regional Lead. “With QRIF II, we have expanded our strategy into areas where we see strong long-term demand and supportive policy frameworks, including grid stability infrastructure in Ireland and the decarbonisation of commercial transport in the UK. These investments are underpinned by long-term contracts and essential-service characteristics, which we believe are critical to delivering stable investor returns while supporting economy-wide decarbonisation.”
Notable Investments in the QRIF II Portfolio
The QRIF II portfolio includes the Mallard Pass Solar Project, a 373 MW dc (240 MW ac) solar PV project in the East Midlands and Quinbrook's second nationally significant infrastructure project, with construction expected to begin later this year and operations starting in 2028. It also includes the Wexford Synchronous Condenser Project, Quinbrook's first investment in the Republic of Ireland, a 963 MVA.s. facility awarded a long-term revenue contract under Eirgrid's Low Carbon Inertia Services tender to provide grid stability services, with construction underway and expected completion in 2027. Other portfolio investments include Aegis Energy, which is building a network of clean energy refuelling hubs across the UK for commercial and industrial vehicle fleets, and Project Norton, a 65 MW solar and 41 MW battery storage facility in Stockton-on-Tees in late-stage development.
Quinbrook's Track Record in the UK and Ireland
To date, Quinbrook has invested GBP 1.2 billion of equity capital in projects and businesses operating in the UK and Ireland, with total capital investment of GBP 1.7 billion.
“Both the level of investor demand for QRIF II and the pace at which we reached our fundraising target underscore the strong and growing investor demand for high-quality, contracted clean energy infrastructure assets and businesses in the UK and Ireland. Investors are increasingly focused on strategies that combine downside protection with meaningful exposure to the energy transition, and we believe Quinbrook's proven ability to originate, develop and deliver these investments continues to resonate strongly in the market,” said Mark Burrows, Managing Director, Head of Relationships and Fundraising, Europe. “We are grateful for the support of our existing and new investors in QRIF II.”
Expected Impact of the Quinbrook Fund
The investments in the QRIF II portfolio are expected to further advance sustainability efforts in the UK and Ireland, support 2,300 indirect and direct jobs, and avoid more than 25 million tonnes of CO2 emissions over the projected lifetime of the fund's investments. Quinbrook said it is targeting a 71% biodiversity net gain for the Mallard Pass solar project.
