Quinbrook Sells Flexitricity to Drax, Marking Major Milestone in UK Energy Transition
Quinbrook, a specialist investment manager dedicated to delivering infrastructure for the energy transition, has announced the sale of its Flexitricity energy optimisation business to Drax Smart Generation HoldCo Limited, a subsidiary of Drax Group plc. The deal is expected to generate total proceeds of approximately £42 million, comprising an enterprise valuation of £36 million plus an estimated net working capital and cash adjustment of around £6 million, subject to customary closing adjustments.
Quinbrook acquired Flexitricity in 2020 and has since driven significant growth. During its ownership, the business more than doubled its contracted portfolio of flexible energy assets from 540 MW to around 1.3 GW. Flexitricity’s portfolio spans battery storage, industrial demand response, and flexible generation. From its 24/7 control room in Edinburgh, the company leverages data science-powered optimisation and real-time trading to manage customer assets across the UK, optimising them across multiple markets and services while supporting the National Energy System Operator (NESO) in balancing the energy system.
Founded in 2004 by Dr. Alastair Martin, Flexitricity is currently led by CEO Andy Lowe, who joined in 2022. The company employs over 85 people across operations, technology, engineering, finance, sales, and trading, and is recognised for strong ESG practices, including jobs training and ethical supply chain oversight.
Brian Restall, CEO of Quinbrook, said:
Flexitricity has been a true pioneer of flexible energy solutions in the UK. Our investment in the business created significant value for our investors, and we are proud of what we have achieved with Andy, Alastair, and the management team. Flexitricity is now well positioned to continue its growth under Drax.”
Keith Gains, Managing Director and UK Regional Lead at Quinbrook, added:
As older coal, nuclear, and gas power stations retire, Flexitricity’s flexible, customer-focused solutions are increasingly critical. The company will remain a key contributor to grid reliability and the UK’s Clean Power 2030 goals.”
Andy Lowe, CEO of Flexitricity, said:
Quinbrook provided the strategic focus and support needed to transform Flexitricity into a scaled, tech-enabled market leader. We more than doubled our portfolio capacity, embedded advanced data-science capabilities, and launched new initiatives like FlexGO, which we expect to revolutionise consumer-led flexibility.”
The transaction is subject to approval under the National Security and Investment Act 2021 and notification to Ofgem, which has confirmed no adverse findings. Notably, Velox Power, Flexitricity’s associated flexible generation business, is excluded from the sale and remains under Quinbrook ownership.
Jefferies acted as lead financial advisor on the deal, while DLA Piper served as legal counsel to Quinbrook.
About Quinbrook
Quinbrook is a specialist investment manager focused exclusively on the infrastructure needed to drive the energy transition. Led and managed by a senior team of energy industry professionals, Quinbrook is an accomplished asset creator and business builder that conceives, develops, constructs and operates a diverse array of innovative infrastructure projects and growth platforms. Since its founding in 2015, Quinbrook has invested in over 40 GW of energy infrastructure assets and businesses representing a total transaction value exceeding USD 27 billion spanning large-scale renewable power generation, biofuels production, long duration storage, hyperscale data centre infrastructure, AI powered asset optimisation, grid support and flexibility solutions in North America, the UK/Ireland and Australia.
