The Gemini solar+battery energy storage project is located on federal land in Clark County, Nev.
Quinbrook Infrastructure Partners and its portfolio company Primergy Solar have sold a minority equity stake in the $1.2 billion Gemini Solar + Storage project outside of Las Vegas to APG, a large pension asset manager in the Netherlands. APG has agreed to acquire a 49% equity ownership in the project on behalf of its pension fund client ABP.
Earlier this year, Quinbrook and Primergy began seeking equity partners for Gemini, a 690 MW AC solar plus 1,416 MWh battery energy storage facility. APG is an investor in U.S. renewables and has several direct investments in utility-scale solar and storage assets in the U.S. Gemini will be APG’s largest single solar + storage investment to date. Once complete and operational in 2023, Gemini is expected to generate enough clean energy to power more than 400,000 homes during peak periods.
Gemini recently closed a $1.9 billion tax equity and debt financing led by Bank of America, Truist, KeyBanc, MUFG and NORD/LB. Truist Securities also advised Quinbrook and Primergy on the transaction.
“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,” says David Scaysbrook, co-founder and managing partner of Quinbrook. “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. Our Primergy team will continue to manage the construction and operational phases of Gemini with some exciting milestones coming up as the mammoth Gemini Project takes shape.”
“The size, innovative integration of battery storage and siting on federal lands makes Gemini one of the most sophisticated clean energy projects ever developed,” adds Ty Daul, CEO of Primergy Solar. “We are thrilled that APG, an experienced U.S. renewables investor, is confident in our team’s capabilities to continue to build, and then to operate and maintain one of the largest solar plants ever constructed. Gemini is one of the first large-scale projects to approach clean energy development in a holistic way that successfully integrates ecosystem management and a commitment to local partnerships as well as delivering numerous other ESG related benefits. Together with Quinbrook, we look forward to partnering with APG in delivering a monumental clean power project for Nevada.”
“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,” states Steven Hason, managing director of Americas Real Assets for APG. “This transaction represents an ideal opportunity to invest in a state-of-the-art energy project that will provide clean, renewable electricity for Nevada. We look forward to working with our partners who share our long-term investment goals with regard to this critical infrastructure asset.”