Quinbrook raises US$600 million for Valley of Fire Fund to expand solar portfolio

April 5, 2024
Facebook
Twitter
LinkedIn
Reddit
Email
The Gemini solar-plus-storage project.
The Valley of Fire Fund includes the 690MW Gemini solar-plus-storage project. Image: Nextracker

Investment manager Quinbrook Infrastructure Partners has closed funding for its Valley of Fire Fund, raising US$600 million in capital commitments from what it called “leading US and European institutional investors”.

The fund is the continuation of the company’s Low Carbon Power Fund (LCPF), which raised US$1.6 billion in 2019 to support a number of renewable projects, including the Gemini solar-plus-storage project in the US state of Nevada. The project has a solar generation capacity of 690MWac, alongside a 1.4GWh battery energy storage system (BESS).

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Blackstone Strategic Partners is the lead investors in the Valley of Fire fund, and the vehicle has now acquired 51% of the Gemini project, along with all of the remaining projects owned by the LCPF. The remaining stake in the Gemini project is owned by Dutch pension asset manager APG.

The Valley of Fire portfolio consists of seven projects, including Gemini, with over 2.65GW of solar PV capacity, and the potential to add 1.5GW of additional battery storage capacity. The projects are located in Arizona, Colorado and Nevada, and Quinbrook describes them as “between early-to-late-stage development”.

“This successful closing underscores Quinbrook’s commitment to impactful renewable energy project development and new asset creation and its track record of pursuing strategies that seek to optimise returns for investors wanting differentiated exposure to the energy transition,” said Rory Quinlan, co-founder and managing partner of Quinbrook.

The news is Quinbrook’s latest development in the space, following the work of its subsidiary, Primergy Solar, to collaborate with lithium-ion battery manufacturer CATL at the Gemini project in 2022. Primergy also signed a long-term power purchase agreement (PPA) with San Diego Community Power last month to sell power from its Purple Sage Energy Center as it expands its portfolio in the US.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 29, 2025
The European Bank for Reconstruction and Development (EBRD) has provided US$142 million in financing for the construction of a 1GW solar and 1.3GWh BESS portfolio in Uzbekistan.
Premium
October 29, 2025
Damage to solar from so-called Natural Catastrophe events is increasing as the technology expands its reach and weather conditions worsen.
October 29, 2025
Greenvolt and European Energy have finalised financial deals for solar-plus-storage projects in Denmark and Latvia.
October 29, 2025
NextEra Energy Resources added 3GW of new renewable energy generation and storage capacity to its portfolio in the third quarter of 2025.
October 29, 2025
US solar manufacturer Corning has brought online its wafer production at its Michigan plant, during the third quarter of 2025.
Premium
October 28, 2025
BESS are 'the new player that everyone is talking about,' in Europe’s power purchase agreement (PPA) space, according to LevelTen.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany