Quinbrook and Primergy Solar Partner with APG on Gemini Solar + Storage Project

Quinbrook Infrastructure Partners and its portfolio company Primergy Solar reports the sale of a minority equity stake in its US$1.2 billion Gemini Solar + Storage project outside of Las Vegas to APG, the largest 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 690MWac solar plus 1,416 MWh battery energy storage facility. APG was selected by Quinbrook and Primergy following the receipt of multiple offers from a diverse group of prospective investors ranging across the industrial and financial investor landscape.

APG is an experienced investor in US renewables and has several direct investments in utility-scale solar and storage assets in the US. 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 and displace 1.5 million metric tons of CO2 annually.

Gemini is currently the largest solar + storage project under construction in the US and recently closed a record breaking US$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.

David Scaysbrook, co-founder and Managing Partner of Quinbrook commented, “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. 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.”

Ty Daul, CEO of Primergy Solar added, “The size, innovative integration of battery storage and siting on federal lands makes Gemini one of the most sophisticated clean energy projects ever developed. We are thrilled that APG, an experienced US 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.”

Steven Hason, Managing Director of Americas Real Assets for APG, stated “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.

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.

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Why some countries are leading the shift to green energy

Berkeley CA (SPX) Oct 07, 2022

Oil and gas prices skyrocketed following the Russian invasion of Ukraine in spring 2022, creating a global energy crisis similar to the oil crisis of the 1970s. While some countries used the price shock to accelerate the transition to cleaner sources of energy, such as wind, solar and geothermal, others have responded by expanding the production of fossil fuels.

A new study appearing this week in the journal Science identifies the political factors that allow some countries to take the lead in ado … read more