Quinbrook Infrastructure, and its portfolio company Primergy Solar have announced the sale of a minority equity stake in its Gemini solar PV and battery energy storage project being developed in Nevada to APG, the largest pension asset manager in the Netherlands.
APG has, on behalf of its pension fund client ABP, agreed to acquire a 49% equity ownership in the 690 MW solar PV farm and 380 MW/1,416 MWh battery energy storage project being developed outside of Las Vegas.
APG’s America managing director Steve Hanson said Gemini will be the fund manager’s largest single solar and storage investment to date.
“As a responsible investor, we are always looking for infrastructure investments that bring long-term financial returns for our pension clients and that have positive environmental and social impacts,” he said. “This transaction represents an opportunity to invest in a “state-of-the-art energy project”.
Quinbrook, which has an extensive portfolio of energy assets in Australia, said APG had been chosen as an equity partner after the Brisbane-based company had received multiple offers from prospective investors, noting that APG is an experienced investor in renewables with several direct investments in utility-scale solar and storage assets in the U.S.
“We are very excited to welcome APG as a partner to Quinbrook and Primergy as we advance construction of such a milestone project for U.S. clean energy,” Quinbrook co-founder and managing partner David Scaysbrook.
“Given the scale and impact of Gemini, we felt APG was an exemplary partner for us that is differentiated by its sophisticated approach to the Gemini project and to the US renewables market more generally.”
Scaysbrook said Primergy will continue to manage the construction and operational phases of Gemini which is currently the largest solar and storage project under construction in the U.S. and recently closed a record-breaking USD 1.9 billion tax equity and debt financing.
Gemini is scheduled to start operating in 2023, generating enough clean energy to power more than 400,000 homes during peak periods and displacing 1.5 million metric tons of carbon emissions annually.
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