Quinbrook Infrastructure Partners has launched a new portfolio company, Primergy Solar. Primergy plans to acquire, develop and operate distributed and utility-scale solar PV and battery storage projects across North America.
â€śThe industry is recognizing the increasingly important role that solar-plus-battery storage solutions will play in accelerating the energy transition,â€ť said David Scaysbrook, co-founder and managing partner of Quinbrook, and Primergyâ€™s chairman. â€śMoreover, there is a growing realization that investing in the building of new renewable energy infrastructure will be crucial to driving sustainable economic recovery and job creation across America.â€ť
A cornerstone project for Primergy will be the $1.1 billion, 690-MWAC Gemini Solar + Battery Storage Project located in Clark County, Nevada.Â Earlier this month, the Bureau of Land Management and the U.S. Department of the Interior issued the final Record of Decision for the Project that formally concluded the federal authorization and environmental review process for Gemini and was based on the Final Environmental Impact Statement (EIS) issued in December 2019 under the National Environmental Policy Act.
Gemini will dedicate all of its output under a 25-year power purchase agreement with NV Energy. The project will be constructed on federal land 25 miles (40 km) north of Las Vegas by the end of 2023 and has been developed in conjunction with the team from Arevia Power who have partnered with Quinbrook since 2017.
Primergy will continue to pursue Quinbrookâ€™s established low-carbon investment strategy in the U.S. power markets, making direct investments from early-stage development through acquisitions of operational assets as both primary sponsors and in the joint venture. Primergyâ€™s team can handle project development, through construction and long-term asset operation of solar PV and battery storage assets.
The subsidiary brought on CEO Ty Daul, formerly of Recurrent Energy Group and CFO Tim Larrison from ENGIE Storage.
â€śThis is an extremely exciting time to take the helm of a company that has already built an impressive pipeline of projects in the most critical part of the new energy industry,â€ť Daul said. â€śTogether with Quinbrook as sponsor, we have all the capability and experience we need to execute on our growth plans and deliver very tangible impact for Quinbrookâ€™s investors as a leading developer, owner and operator of a large and diversified portfolio of solar and battery storage assets across North America.â€ť
News item from Quinbrook Infrastructure Partners