APG buys 49% stake in USD-1.2 bn Gemini hybrid in Nevada

• Dutch pension asset supervisor APG has purchased a 49% stake in the USD-1.2-billion (EUR 1.24 bn) Gemini solar-plus-storage complicated near Las Vegas, Nevada.

The minority interest is being offered by renewables infrastructure capitalist Quinbrook Infrastructure Allies and also its portfolio firm Primergy Solar. APG will carry out the acquisition on behalf of its pension fund client ABP, Qunbrook claimed on Wednesday.

Financial details about the transaction were not available.

For APG, which was chosen from "a diverse team of potential financiers," Gemini will certainly be the largest solitary solar-storage financial investment in its portfolio.

The Gemini project will certainly feature a 690-MW AC/966-MW DC photovoltaic (PV) park with more than 1.8 million modules and also 380 MW/1,416 MWh of battery storage capacity. The mega-complex will certainly be installed on 6,500 acres (2,630 ha) of government land in Clark County, with its building and construction prepared to be completed in late 2023. Gemini's result will certainly be marketed to neighborhood energy NV Power under a 25-year power acquisition agreement (PPA).

Once in operation, the huge solar farm will certainly produce adequate electrical power to supply more than 400,000 houses throughout peak need periods.

Quinbrook and also Primergy acquired USD 1.9 billion in the red as well as tax equity and got to monetary close for Gemini in April.