Blackstone Leads Quinbrook’s $600M Valley of Fire Fund

Quinbrook Infrastructure Partners has closed its $600 million Valley of Fire Fund, to support the development and construction of solar-plus-storage projects, with Blackstone Strategic Partners acting as lead investor.

The capital raise also included a cornerstone investment by Ares Management Infrastructure Secondaries funds.

The fund is a continuation of Quinbrook’s Low Carbon Power Fund strategy. The funds raised were utilized to buy a 51% interest in the Gemini Solar + Storage project and 100% of the remaining Valley of Fire project development portfolio.

Gemini, located just outside of Las Vegas, is one of the largest U.S. solar and storage projects and is expected to generate enough renewable energy to power 260,000 homes during peak periods and displace 1.5 million metric tons of CO2 annually.

The Valley of Fire portfolio consists of seven projects totaling over 2.65GW of solar PV power, with the potential for an additional 1.5GW of battery storage capacity. Primergy Solar, Quinbrook’s portfolio firm, is overseeing the development of these projects.

“The decision to pursue a GP-led secondary transaction reflects our commitment to enhancing value for our LPs, while continuing to support the development of a distinct portfolio of landmark renewables assets,” said Rory Quinlan, co-founder and managing partner of Quinbrook Infrastructure Partners.