Quinbrook, a specialist energy transition infrastructure investment manager, has closed a £156 million debt financing package for its Severn synchronous condenser portfolio and achieved commercial operations at its Neilston project in West Central Scotland, completing its four-asset Scottish portfolio. The two milestones advance Quinbrook’s position as the largest private owner of synchronous condensers in the United Kingdom.
The Severn portfolio financing, led by a consortium of Standard Chartered, Barclays, and Siemens Financial Services through Siemens Bank, covers two projects currently under construction: Cilfynydd in South Wales and Sellindge in Kent. Both were awarded under Phase 3 of the National Energy System Operator Pathfinder programme, which provides fully inflation-linked revenue contracts for new grid stability infrastructure. The projects are expected to reach completion in 2027 and 2028 respectively, providing a combined 2,531 MVA of short circuit level once operational.
The Neilston project is the fourth and final synchronous condenser in Quinbrook’s Scottish portfolio, joining operational assets in Thurso, Gretna, and Rothienorman. Quinbrook secured over half of the total contract value of the Pathfinder II programme across its four Scottish assets. Separately, Quinbrook has commenced construction on a 963 MVA synchronous condenser in County Wexford, Ireland, its first investment in the Republic of Ireland. Across its full portfolio of seven synchronous condenser assets in Scotland, Wales, and England, Quinbrook’s capital investment exceeds 500 million pounds and the projects are estimated to have supported over 1,500 jobs in local communities. Since its founding in 2015, Quinbrook has invested in over 40 gigawatts of energy infrastructure with a total transaction value exceeding $27 billion.
SUPPORT:
Norton Rose Fulbright acted as legal advisor and Nomura Greentech acted as financial advisor to Quinbrook on the Severn portfolio financing.
KEY QUOTES:
“As the UK increasingly relies on power generated by renewable sources to meet its energy needs, synchronous condensers provide the essential grid support and reliability required to maintain stable operations. Each of Quinbrook’s synchronous condenser sites were strategically chosen for their proximity to existing substations and where grid stability services were most needed as coal and gas plants are retired.”
Keith Gains, Managing Director and UK Regional Leader, Quinbrook
“Bringing a fifth synchronous condenser online, breaking ground on our first Irish investment, and completing our second synchronous condenser project financing in just a few short years is a tremendous accomplishment for the Quinbrook team. We are proud of the work we are doing to support National Grid and the UK government’s broader energy transition goals.”
Keith Gains, Managing Director and UK Regional Leader, Quinbrook
