– Blackstone Strategic Partners lead investment in Valley of Fire fund, now owns 51% of Gemini project
– Valley of Fire portfolio consists of seven projects with 2.65GW of solar PV capacity
– Quinbrook’s subsidiary Primergy Solar collaborating with CATL and signed PPA with San Diego Community Power
Blackstone Strategic Partners, the lead investors in the Valley of Fire fund, have acquired 51% of the Gemini project and all remaining projects owned by LCPF. Dutch pension asset manager APG owns the remaining stake in the Gemini project. The Valley of Fire portfolio includes seven projects with over 2.65GW of solar PV capacity, along with the potential to add 1.5GW of battery storage capacity in Arizona, Colorado, and Nevada.
Quinbrook, the company behind the acquisition, describes the projects as being in early-to-late-stage development. This move follows Quinbrook’s subsidiary, Primergy Solar, collaborating with lithium-ion battery manufacturer CATL at the Gemini project in 2022. Additionally, Primergy recently signed a long-term power purchase agreement with San Diego Community Power to sell power from its Purple Sage Energy Center as part of its expansion in the US.
This news was first reported by PV Tech, highlighting Quinbrook’s ongoing efforts to expand their renewable energy portfolio and increase their presence in the US market. The acquisition of the Gemini project and other projects in the Valley of Fire fund further solidify Quinbrook’s position as a key player in the renewable energy sector.