19 March 2019

Carey Olsen and Oak advise on Quinbrook clean energy fund launch

Carey Olsen's investment funds team in Jersey has advised Quinbrook Infrastructure Partners on the Jersey legal and regulatory aspects of Quinbrook Low Carbon Power Fund's final closing, which raised a total of US$1.6 billion in primary and co-investment fund commitments. Oak Group (Jersey) Limited ("Oak") acted as Jersey administrator to the fund.

The fund focuses on investments in the 'new build' lower carbon and renewable energy sectors of the United States, the United Kingdom and Australia. The fund took advantage of the regulated 'Jersey Eligible Investor Fund' regime to target institutional investors, including  those in the UK, US and Australia.

Rory Quinlan from Quinbrook said: "We are delighted to have closed the Low Carbon Power Fund, and are grateful to both our long-standing investors and new institutional investors who have shown confidence in our energy investment expertise and commitment to ESG principles. The well-established Jersey regulatory environment and the high quality support from our Jersey advisers have enabled us to provide these sophisticated investors with the stringent operational assurances they require."

The Carey Olsen team was led by partner Chris Griffin, assisted by senior associate Sarah Townsend and associates Adriana Boscariol and Calvin Crilly.

Chris Griffin commented: "It was great to work with Quinbrook to reach the fund's final close. The Quinbrook team has a tremendous track record in identifying investment opportunities in the environmental, social and governance (ESG) space, and Jersey's well used Eligible Investor Fund regime provides the appropriate level of regulation required by big ticket institutional investors."

Oak provided directors and company secretary with demonstrable knowledge in the clean energy sector and experience in administering significant funds.

Oak’s managing director in Jersey, Nicola Gott, said: "With Jersey seeing record fund administration values, as of December 2018, the market is feeling very buoyant and this fund, with its very topical asset class and high value, is a perfect illustration of that."

Oak director Michael Farrow, who worked on the Quinbrook administration, added: "Quinbrook has been an outstanding success story. The principals are well known both to Carey Olsen and Oak, having established and developed a number of successful businesses with our collaborative assistance. We are delighted to be associated with this fund, which is helping to mitigate harmful climate change."