Investment fund Quinbrook has closed its second UK-focused Quinbrook Renewables Impact Fund (QRIF II), raising £587 million and exceeding its £500 million target.
QRIF II focuses on delivering the infrastructure required to support the UK’s Clean Power 2030 targets and Ireland’s target of meeting 80% of electricity demand from renewable sources by 2030.
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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.”
The QRIF II portfolio is already well advanced and features long-term, inflation-linked contracts. It advances new investment in renewable energy and storage that will accelerate decarbonisation of the power and transport system, improve security of domestic energy supplies, and provide critical grid support.
To date, Quinbrook has invested £1.2 billion of equity capital in projects and businesses operating in the UK and Ireland, with total capital investment of £1.7 billion.
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The investments in the QRIF II portfolio are expected to further advance Quinbrook’s 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.
