Renewables Now Ltd’s Post

Quinbrook Infrastructure Partners has reached a final close for the UK-focused Quinbrook Renewables Impact Fund after securing £620 million of investor commitments. Quinbrook’s third managed fund was able to beat expectations after the final close exceeded its target of £500 million. “Select UK power infrastructure assets can have valuable diversifier benefits to portfolio investments which are strongly correlated to GDP,” said Rory Quinlan, Managing Partner and co-Founder at Quinbrook. “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.” Quinbrook highlighted a number of exciting opportunities across a range of sectors in the UK’s energy transition, which will add to investments already made in projects, including: the Clive Hill solar and storage project in Kent, the Rassau Synchronous Condenser project in Wales, the Thistle critical grid support portfolio in Scotland, the 230 MW Uskmouth battery storage project in Wales, and in UK battery solutions platform Habitat Energy. “Strong macro tailwinds are supporting QRIF’s investment strategy, with the confluence of societal will, political imperatives which are cross party in the UK and fundamental economics driving decarbonisation of power,” commented Mark Burrows, Quinbrook’s Head of Europe, Capital Formation and Investor Engagement. “Furthermore, investors have responded to the genuine and tangible impact delivered by QRIF’s focus on the development, construction and long-term operation of new infrastructure projects.” #cleanenergy

Goldman Sachs Alternatives Invests $440 Million in BrightNight to Bolster Renewable Power Platform BrightNight, a prominent player in the renewable power sector, has secured a $440 million strategic investment from Goldman Sachs Alternatives’ Infrastructure business. This infusion of capital is poised to fully fund BrightNight’s five-year business plan and support its ambitious 31-gigawatt renewable power project portfolio, which is enhanced by the company’s proprietary AI software platform, PowerAlpha®. The investment is set to bolster BrightNight’s balance sheet and strengthen its position as a leader in the renewable energy market. The transaction is anticipated to close in September 2024. BrightNight Chairman and CEO Martin Hermann expressed enthusiasm about the partnership, stating, “BrightNight was founded […] Read the full story here: https://lnkd.in/d7gYGwfU #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #$440millioninvestment #america #brightnight #energy #finance #goldmansachs #northamerica #renewableenergy #solarenergy

US renewables company BrightNight has secured a $440 million strategic investment from the Infrastructure business at Goldman Sachs Alternatives. BrightNight aims to use the new investment to fully fund its five-year business plan and advance its 31 GW renewable power project portfolio. Global Infrastructure Partners (GIP) will remain on board to support BrightNight with its existing capital commitment to fund construction equity needs and will also maintain its minority equity interests in the company. “BrightNight was founded on a unique combination of strengths that capitalise on strong secular energy transition tailwinds,” said Martin Hermann, BrightNight Chairman and CEO. “We have quickly established a large and differentiated portfolio in high-demand growth markets seeking decarbonising renewable energy solutions to meet growing load and reliability needs. BrightNight’s best-in-class team, extensive project portfolio, and revolutionary AI-powered software platform, PowerAlpha®, position us to maximise value for our utility and corporate customers. We look forward to continuing this journey in partnership with Goldman Sachs.” “Our investment demonstrates the strength of BrightNight’s platform and the differentiated solar and storage project portfolio Martin and the team have developed,” commented Cedric Lucas, Managing Director in Infrastructure at Goldman Sachs Alternatives. “We share a joint ambition to build a leading renewable independent power producer (IPP) and, through this partnership, we look to accelerate its growth by providing long-term capital backing and leveraging our firm’s capabilities and relationships in the sector.” BofA Securities, Inc. and PJT Partners acted as financial advisors to BrightNight. Jefferies LLC acted as sole financial adviser and Weil, Gotshal & Manges LLP served as legal counsel to Goldman Sachs Alternatives. “Demand for renewable energy continues to benefit from strong secular energy transition tailwinds, including substantial corporate decarbonisation goals and both federal and state-level policy support,” said Teresa Mattamouros, Managing Director in Infrastructure at Goldman Sachs Alternatives. “We have been impressed by BrightNight’s unique development approach, focusing on markets with attractive commercial dynamics and targeting high-value interconnection positions.” BrightNight CFO Brian Boland, added: “We are excited to announce our partnership with Goldman Sachs and have been fortunate to garner the support of world-class partners over the years. Goldman Sachs’ investment, together with our existing capital commitments and bank group, will help drive execution of our IPP business model and build-out of our utility-scale portfolio – delivering critical clean energy infrastructure to serve our customers across the U.S.” The BrightNight-Goldman Sachs deal is expected to close in September 2024. #cleanenergy

There are more opportunities for private investors to access #renewable #energy investments today. We look at how semi-liquid funds fit the bill. https://lnkd.in/ekJnVyq5

Schroders Greencoat LLP, Schroders Capital's specialist renewables and energy transition infrastructure manager, today announces the launch of the UK’s first LTAF exclusively dedicated to renewable energy and energy transition infrastructure, Schroders Greencoat Global Renewables+ LTAF. The new fund will target infrastructure supporting the energy transition across the UK, US, and Europe, deploying capital across wind and solar assets, as well as a range of energy transition assets including hydrogen, heating and storage. The Schroders Greencoat Global Renewables+ LTAF builds on the launch of the UK’s first LTAF, the Schroders Capital Climate+ LTAF, last year, adding to the suite of private market solutions offered to DC schemes and other clients. Find out more here: https://lnkd.in/exwxC2C2 Duncan Hale Tatiana Zervos Karin Kaiser Tim Horne, CFA Jack Wasserman, CFA #LTAF #energytransition #renewableenergy #privatemarkets #SchrodersGreencoat #SchrodersCapital #DCpension

🌍 Brookfield: $15bn+ of Capital Deployed towards Renewables Investments Since 2022, Primarily in North America 🚀 Neoen: Brookfield Asset Management recently announced a bid for Australia- and Europe-focused renewable energy developer Neoen, acquiring a 53.3% stake for an EV of $5.1bn. Following the closing of this deal, the firm aims to launch a cash tender offer for the remaining shares. Neoen holds a 28 GW portfolio of solar, wind and storage projects, including 5.1 GW in operation and 2.9 GW under construction $15bn+ Capital Deployed: The deal, which marks Brookfield's largest acquisition since the start of 2022, brings its total investment over the past ~2.5 years to more than $15bn. In Feb'23, CEO Connor Teskey stated: "We saw tremendous opportunities in 2022 to buy high-quality renewables developers in our core markets at entry points that, quite frankly, we would have fallen out of our chair to execute on. We're still seeing attractive value entry points there and hope to execute some of those transactions in the near term." Actively Fundraising for BGTF II: Brookfield has so far raised $10bn for its Global Transition Fund II, including $1.2bn in Q1 2024, and aims to surpass the $15bn raised for BGTF I. CEO Connor Teskey commented in May'24: “Our confidence in the reception of our transition strategy continues to be immense. This was the best Q1 fundraising quarter we’ve ever had for all of Brookfield’s strategies collectively. Fundraising in 2023 was “back-end loaded”, with the most capital raised in Q4. We don’t see as much of that dynamic this year. We do expect fundraising to be more balanced across the four quarters." #Brookfield #RenewableEnergy #Sustainability #Neoen #Investment #SolarEnergy #WindEnergy #EnergyStorage #GreenInvestment #CleanTech

ICYMI: Infrastructure Investor published its cover story for its December/January issue last week. Daniel Kemp and I took a deep dive - beyond the headline-grabbing offshore wind stories - into the impact of rising interest rates on renewables and how, as ‘free money’ dries up, higher interest rates are reshaping critical dynamics of the renewable energy market. Hear from key industry players such as Charlie Reid of BlackRock, David Scaysbrook of Quinbrook Infrastructure Partners, William Gerald Demas of Macquarie Asset Management, Ted Brandt of Marathon Capital, Romain Voisin at Crédit Agricole CIB, Jehangir Vevaina of Brookfield Asset Management, Andy Nguyen of CRC-IB and more to get the full lowdown. https://lnkd.in/dJdEkHct

🌿 Positive news for the UK's renewable energy sector. Quinbrook Infrastructure Partners has successfully raised £620 million, surpassing its initial target of £500 million for its UK-focused Renewables Impact Fund. This fund aligns with the UK’s ambition toward a fully decarbonised power system by 2035, showcasing a robust investment and asset creation prospect worth £375 billion. This points to a buoyant and sophisticated impact investing scene in the UK, with strong alignment between government policy, investor interest, innovative infrastructure projects, the attraction of institutional investors, and tangible societal benefits. #RenewableEnergy #Investment #GreenInfrastructure #UKEnergyTransition

In a guest article for Infrastructure Investor, Schroders Greencoat portfolio manager Duncan Hale talks to the opportunity set for DC investors in UK Renewables. "Renewable energy is an attractive investment for DC investors, not just because of the potential appealing returns it can offer, but because it can drive them from return premia not seen elsewhere in DC members' portfolios." With the UK being a market leader in #renewableenergy, the team plans to invest around a third of its LTAF assets in the UK. Click the link below to read the full article: https://lnkd.in/eZ_Aghaw Schroders Greencoat LLP Schroders Capital

Global investment firm Sandbrook Capital is set to invest up to $400 million in US renewables developer rPlus Energies. “From the outset, it was evident that we share an execution-oriented and community-minded approach to business and project development,” said Luigi Resta, rPlus President and CEO. “The expertise, commitment and drive of the Sandbrook team, coupled with the Gardner Group’s continued leadership, will play a pivotal role in steering substantial growth as rPlus makes a strategic transition to own-and-operate for the long-term.” rPlus Energies’ new ‘platform-level partnership’ with Sandbrook Capital will help the company realise a 15 GW pipeline of of solar, wind, battery, and pumped storage hydropower projects, with the initial commitment enabling the company to bring online 1 GW of shovel-ready generation and storage projects in the near-term. “We are proud to support the next chapter of growth for rPlus in partnership with the leadership team and our friends at the Gardner Group,” said Carl Williams, co-founder and partner at Sandbrook. “We believe rPlus has built one of the strongest development, construction, and operations teams in North America, as evidenced by their advanced portfolio of high-quality projects. Sandbrook’s investment in rPlus underscores our commitment to accelerating the decarbonisation of the U.S. grid in partnership with entrepreneurs who embody environmental stewardship, innovation, and grit.” rPlus will also continue to receive support from its founding invest Gardner Group. “I couldn’t be more excited about our new partnership with Sandbrook and our superb management team led by Luigi Resta,” said Christian Gardner, Chairman and CEO of the Gardner Group. “This transaction is more than an investment; it is a shared vision that will undoubtedly propel us to the next level, enabling us to make substantial positive change in renewable energy.” Since its founding five years ago, rPlus Energies has fully developed over 630 MW of solar and wind projects that are now in operation or under construction. Lazard Frères & Co. LLC. served as financial advisor to rPlus, while Foley & Lardner LLP served as transaction counsel on the deal. Kirkland & Ellis served as transaction counsel to Sandbrook, as Parr Brown Gee & Loveless served as transaction counsel to Gardner Group. #cleanenergy