Australian-founded renewables investment manager Quinbrook Infrastructure Partners has held a final close of the UK-focused Quinbrook Renewables Impact Fund (QRIF), raising more than AUD$1.2 billion of investor commitments, substantially exceeding the fund’s initial GBP£500 million target.
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“Select UK power infrastructure assets can have valuable diversifier benefits to portfolio investments which are strongly correlated to GDP,” Quinbrook managing partner and co-founder Rory Quinlan said.
“This coupled with QRIF’s ‘whole of system’ investment philosophy, directly tackles the critical infrastructure needs and enablers for a stable transition to a decarbonised power system. The differentiated strategy and the sheer scale of impact the Fund seeks to have in the UK market has proven highly attractive to QRIF’s institutional investors.”
QRIF is Quinbrook’s third managed fund and is strongly aligned with the UK Government’s goals of a decarbonised UK power system by 2035, improved energy security and the ‘Levelling Up’ agenda.
The fund, which offers investors access to a holistic and differentiated approach to the energy transition, was marketed exclusively to UK institutional investors and attracted multiple new investors to Quinbrook from across the country.
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The portfolio includes a range of long-term inflation linked contracts with investment grade counterparties such as National Grid and the UK Government, including the Pathfinder program, the Contract for Difference regime, and the Capacity Market, as well as inflation linked power purchase agreements with leading UK companies, and is anchored by investment in one of the UK’s largest solar and battery storage projects.