Australian energy transition fund manager Quinbrook Infrastructure Partners is to exit US company Scout Clean Energy to Brookfield Renewable Partners for $US1 billion ($1.55 billion).
The manager acquired a controlling interest in Scout as a start-up in 2017. The firm made an initial investment of $US6 million from its Low Power Carbon Fund.
Quinbrook has since worked in partnership with Scout’s founder and chief executive Michael Rucker to build the business into a large-scale vertically integrated wind power producer through the development, construction, ownership and operational management of large-scale wind power assets diversified across US states and regional power markets.
Since the acquisition, Quinbrook has invested into Scout a further $US470 million from its managed funds as the business has grown to control wind projects in four states with the capacity to generate 1,200 MW of power, including 400 MW managed on behalf of third parties.
Scout plans to expand this portfolio to over 22 GW of wind, solar and storage projects across 24 states by 2030. This plan includes 2,500 MW of projects that are in late-stage development with construction starts pending.
Quinbrook co-founder and managing partner David Scaysbrook said the growth of Scout had been achieved working in a close partnership with Rucker and the Scout team and had exceeded plans for value creation.
He said he expected Scout to feature prominently in the US renewables landscape in the future.
Based in Boulder, Colorado, Scout has grown to employ 112 professionals across development, construction and operations.
Gold Coast-based Quinbrook focuses exclusively on renewables, storage and grid support infrastructure needed to drive the energy transition in the US, UK and Australia. The firm has invested more than $US8 billion since the early 1990s. Earlier this year (APE&VCJ, July 2022), Quinbrook announced a south-east Queensland data storage campus project − the Brendale Supernode development − which could eventually become a $2.5 billion investment.
Image: A Scout windpower development project.