Quinbrook Infrastructure Partners has acquired a 223MW wind portfolio in the US, investing via its inaugural Low Carbon Power Fund.
Through its platform company, GlidePath Power Solutions, Quinbrook invested in six operating wind farms in Pennsylvania, West Virginia and California. The projects were previously held by NextEra Energy Resources and “lay the foundation for our US distributed power platform,” Quinbrook managing partner David Scaysbrook said.
Quinbrook was founded as a clean energy investment manager in 2016. The firm’s focus is on developing new low-carbon power generation projects in Australia, the US and the UK. The firm is currently raising its first fund, which has a target of between $1 billion and $1.5 billion. Fundraising is expected to conclude by the end of this year. First Avenue Partners is serving as placement agent.
The US wind acquisition follows an investment Quinbrook made last November for an 84MW distributed gas-fired power portfolio in the UK. The firm is investing more than $60 million and paid £4.6 million ($6.09 million; €5.2 million) for the portfolio rights and said it will invest £40 million to construct and install four projects.
Quinbrook also manages the Cape Byron Infrastructure Fund, which has a portfolio of biomass plants with a total 68MW capacity in Australian, on behalf of a UK institution.