Energy investment firm Quinbrook Infrastructure Partners has sold a 49% stake in its $1.2bn Gemini Solar + Storage project to Dutch pension asset management firm APG.
Located outside Las Vegas, Nevada, Gemini consists of a 690MWac solar asset and a 1.4GWh battery energy storage facility.
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APG acquired the stake in the project on behalf of its pension fund client ABP.
Quinbrook carried out the deal in partnership with its portfolio company Primergy Solar.
Quinbrook co-founder and managing partner David Scaysbrook said: “We are very excited to welcome APG as a partner to Quinbrook and Primergy as we advance construction of such a milestone project for US clean energy.
“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.
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By GlobalData“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 Gemini project is currently in the development phase and is scheduled to become operational next year.
Once operational, the project will have the capacity to power more than 400,000 homes during peak periods, while displacing 1.5 million metric tonnes of carbon emissions a year.
It recently secured $1.9bn in tax equity and debt financing led by Bank of America, Truist, KeyBanc, MUFG and NORD/LB.
APG Americas Real Assets managing director Steven Hason said: “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.”
In July this year, Quinbrook secured a contract for difference for a 350MW solar and battery storage project in Kent, UK.
