PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Quinbrook acquires Scout Clean Energy

Quinbrook Infrastructure Partners, an investment manager specialising in lower carbon and renewable energy infrastructure assets, has acquired Scout Clean Energy, a Colorado-based developer and operator of US wind power projects.

 
Terms of the transaction have not been disclosed.
 
Scout is developing a 1,600-megawatt (MW) pipeline of US wind power projects that in aggregate represents more than USD1.7 billion in total capital investment and would generate enough emissions free power to serve the needs of nearly a half-million American households.
 
Led by wind industry veteran Michael Rucker, the Scout development portfolio is currently diversified across nine US states. The majority of Scout’s projects qualify for US production tax credits (PTCs) for wind, which were recently extended by US Congress for an additional four years.
 
“Quinbrook’s investment in Scout aligns with our long-term strategy of building a larger scale portfolio of on-shore wind power projects in the US. Investing in innovative and experienced development teams like Scout is key to helping us meet growing demand for sustainable, long-term infrastructure investments with real ESG impacts,” says David Scaysbrook, co-founder and managing partner of Quinbrook.
 
Wind power recently surpassed conventional hydro to become the fourth largest supplier of electric power in the entire US. Wind currently accounts for 5.5 per cent of American electric power generation and with new cost and production efficiencies being realised, its share of generated electricity is expected to increase significantly by 2020. 
 
Rucker and the Scout team together have originated, developed and completed nine wind power projects comprising 649 MW of capacity across North America since 2011. The Scout team’s most recent successful development was the Mariah North Project, a 230 MW West Texas project utilising General Electric wind turbines which reached commercial operation at the end of 2016. 
 
“The opportunity to accelerate the expansion of wind power generation is immense now that businesses, consumers and policymakers are all seeing the benefits of low cost renewable energy. Quinbrook’s investment in Scout enables us to seize that opportunity and grow our footprint of utility-scale wind projects,” says Rucker.
 
Shawn Cumberland, senior managing director of Quinbrook in the US, adds: “Quinbrook is taking the deliberate approach of pursuing attractive wind development sites supported by highly experienced teams prosecuting the development of PTC-qualified projects. In addition to Scout’s already significant pipeline of wind development projects, Quinbrook intends to use Scout as a platform for further growth in wind power both organically and through complimentary acquisitions in North America that satisfy Quinbrook’s investment criteria.”

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured

Blackstone Private Equity