Quinbrook announced the final close of its second U.K.-focused Quinbrook Renewables Impact Fund. The fund, known as QRIF II, closed with £587 million of investor commitments, exceeding its £500 million target.
QRIF II is Quinbrook’s fifth managed fund and builds on the strategy of its inaugural Renewables Impact Fund, which closed in 2023. The fund focuses on infrastructure supporting the U.K.’s Clean Power 2030 targets and Ireland’s goal of meeting 80% of electricity demand from renewable sources by 2030.
The fund was marketed exclusively to institutional investors in the U.K. and Ireland. Quinbrook said QRIF II saw a strong re-up rate from investors in the prior fund.
The portfolio is already well advanced and features long-term, inflation-linked contracts. The fund is focused on renewable energy, storage, grid support, and clean transport infrastructure designed to accelerate decarbonization and improve domestic energy security.
Notable investments include Mallard Pass Solar Project, a 373 MW dc solar project in the East Midlands. Construction is expected to begin later this year, with operations expected to start in 2028.
The portfolio also includes the Wexford Synchronous Condenser Project, Quinbrook’s first investment in the Republic of Ireland. The proposed 963 MVA.s. facility was awarded a long-term revenue contract under Eirgrid’s Low Carbon Inertia Services tender and is expected to provide critical grid stability services.
Other investments include Aegis Energy, which is building a network of clean energy refueling hubs across the U.K. for commercial and industrial vehicle fleets. QRIF II also includes Project Norton, a 65 MW solar and 41 MW battery storage facility in Stockton-on-Tees that is in late-stage development.
Quinbrook said it has invested £1.2 billion of equity capital in projects and businesses operating in the U.K. and Ireland to date, with total capital investment of £1.7 billion. The QRIF II portfolio is expected to support 2,300 direct and indirect jobs and avoid more than 25 million tonnes of CO2 emissions over the projected lifetime of the fund’s investments.
Quinbrook is a specialist investment manager focused on infrastructure for the energy and digital transitions. Since its founding in 2015, the firm has invested in over 40 GW of energy infrastructure assets and businesses representing a total transaction value exceeding $27 billion.
KEY QUOTES:
“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.”
Keith Gains, Managing Director and U.K. Regional Lead at Quinbrook
“Both the level of investor demand for QRIF II and the pace at which we reached our fundraising target underscore the strong and growing investor demand for high-quality, contracted clean energy infrastructure assets and businesses in the UK and Ireland. Investors are increasingly focused on strategies that combine downside protection with meaningful exposure to the energy transition, and we believe Quinbrook’s proven ability to originate, develop and deliver these investments continues to resonate strongly in the market. We are grateful for the support of our existing and new investors in QRIF II.”
Mark Burrows, Managing Director, Head of Relationships and Fundraising, Europe at Quinbrook
