Quinbrook makes first UK deal amid inaugural fundraise

Quinbrook Infrastructure Partners, an Australia-based asset manager founded in 2015, has acquired a portfolio of construction-ready gas-fired power plants in its first UK deal.

The firm is investing more than $60 million to acquire an 84MW portfolio of gas-fired projects ready to be developed in England and Wales, according to a statement. Quinbrook 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 invested in the portfolio using closed commitments from a fund it is raising that will focus on low-carbon power, a source familiar with the matter told Infrastructure Investor. The source said the fund has raised “hundreds of millions” of dollars so far, has a target between $1 billion and $1.5 billion and will conclude fundraising by the end of next year at the latest.

Quinbrook declined to comment for this story.

Regulatory filings show Quinbrook registered an undisclosed commitment to a fund, Quinbrook Low Carbon Power LP, on 14 June. The filing also reveals the fund accepts $10 million minimum commitments and that First Avenue Partners is serving as broker.

The power plant investments are Quinbrook’s seventh in 2017. The firm’s portfolio is valued at around $3 billion.

Quinbrook was founded as a clean energy investment manager by David Scaysbrook and Rory Quinlan, who both left Switzerland-based Capital Dynamics in 2015 and previously managed renewables company Novera Energy. Last September, the firm made four senior hires – two in Houston and two in London.

The firm’s focus is on developing new low-carbon power generation projects in Australia, the US and the UK. It is currently managing the Cap Byron Infrastructure Fund, which has a portfolio of biomass plants with a total 68MW capacity in Australia, on behalf of a UK institution.