Quinbrook fund oversubscribed amid energy-transition asset demand

Quinbrook Infrastructure Partners closed its Renewables Impact Fund (QRIF II), beating its target that was oversubscribed by £87 million ($168m).

QRIF II secured a total of £587 million ($843m) in investor commitments, beating its £500 million ($718m) fundraising target.

QRIF II invests in infrastructure that supports the UK's Clean Power 2030 targets, a roadmap set by the government to have 95% of the energy system powered by clean sources, as well as Ireland's goal of shifting 80% of its electricity from renewable energy by that year.

QRIF II is Quinbrook's fifth managed fund and builds on the strategy of its inaugural Renewables Impact Fund ("QRIF"), which closed in 2023.

Quinbrook managing director and UK regional lead Keith Gains said 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.

"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," he said.

Some of the fund's key investments are the Mallard Pass Solar Project, a 373 megawatts direct current (MWdc) solar development in England's East Midlands and Project Norton, a 65MW solar and 41MW battery storage facility in Stockton-on-Tees. Construction on both projects is expected to commence later this year.

To date, Quinbrook has invested $2.3 billion (£1.2bn) of equity capital in projects and businesses operating in the UK and Ireland.

In June, the firm appointed Tim Horneman as Australia region leader, formalising responsibility for local investment activities and operations as it expands across key energy transition markets.