Quinbrook Infrastructure Partners has closed £120 million ($148 million) in new debt financing for a portfolio of five synchronous condenser projects.
This is the first portfolio financing of synchronous condensers that were awarded contracts in Phases I and II of National Grid’s Stability Pathfinder Program.
“Grid stability is a critical necessity for achieving a secure transition to a decarbonized power system, and synchronous condensers are an innovative solution to address fundamental system needs,” said Keith Gains, managing director and U.K. regional lead for Quinbrook. “Quinbrook has assembled the largest privately owned portfolio of synchronous condensers located across the U.K. that will allow National Grid to control system frequency and maintain grid stability as more renewables capacity is added to the U.K. power system.”
The financing was led by a consortium of Siemens Financial Services through Siemens Bank, NatWest and NORD/LB.
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