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.”
