Quinbrook Infrastructure Partners and its portfolio company Primergy Solar announce the sale of a minority stake in its US$1.2 billion Gemini Solar + Storage project outside of Las Vegas to APG, the largest asset manager retirement in the Netherlands. APG has agreed to acquire a 49% stake in the project on behalf of its pension fund client ABP.
Earlier this year, Quinbrook and Primergy began seeking financial partners for Gemini, a 690 MWac plus 1,416 MWh solar energy storage facility. APG was selected by Quinbrook and Primergy following the receipt of several offers from a diverse group of potential investors from across the industrial and financial investor landscape.
APG is an experienced investor in renewable energy in the United States and has several direct investments in large-scale solar and storage assets in the United States. Gemini will be APG’s largest solar + storage investment to date. When completed and operational in 2023, Gemini is expected to generate enough clean energy to power more than 400,000 homes during peak periods and displace 1.5 million metric tons of CO2 per year.
Gemini is currently the largest solar + storage project under construction in the United States and recently closed a record US$1.9 billion 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.
David Scaysbrook, co-founder and managing partner of Quinbrook, said, “We are delighted to welcome APG as a partner to Quinbrook and Primergy as we advance the construction of such an important clean energy project in the United States. United. Given the scale and impact of Gemini, we felt that APG was an exemplary partner for us that differentiates itself through its sophisticated approach to the Gemini project and the U.S. renewable energy market in general Our Primergy team will continue to manage the construction and operation phases of Gemini with exciting milestones ahead as the mammoth Gemini Project takes shape.”
Ty Daul, CEO of Primergy Solar, added, “The size, innovative battery storage integration and location on federal lands make Gemini one of the most sophisticated clean energy projects ever developed. We are delighted that APG, an experienced US renewable energy investor, is confident in our team’s abilities to continue to build, then operate and maintain one of the largest solar power plants ever built.
Gemini is one of the first large-scale projects to approach clean energy development in a holistic way that successfully incorporates ecosystem management and a commitment to local partnerships, along with many other benefits of clean energy. ‘ESG. Together with Quinbrook, we look forward to partnering with APG to deliver a monumental clean energy project for Nevada.”
Steven Hason, Managing Director of Americas Real Assets for APG, said, “As a responsible investor, we always seek out infrastructure investments that deliver long-term financial returns for our retirement clients and impact positive environmental and social.
This transaction represents an ideal opportunity to invest in a state-of-the-art energy project that will provide clean, renewable electricity to Nevada. We look forward to working with our partners who share our long-term investment goals for this critical infrastructure asset.
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