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

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

The minority interest is being sold by renewables infrastructure investor Quinbrook Infrastructure Partners and its portfolio company Primergy Solar. APG will carry out the acquisition on behalf of its pension fund client ABP, Qunbrook said on Wednesday.

Financial details about the transaction were not available.

For APG, which was selected from “a diverse group of prospective investors,” Gemini will be the largest single solar-storage investment in its portfolio.

The Gemini project will feature a 690-MW AC/966-MW DC photovoltaic (PV) park with more than 1.8 million modules and 380 MW/1,416 MWh of battery storage capacity. The mega-complex will be installed on 6,500 acres (2,630 ha) of federal land in Clark County, with its construction planned to be completed in late 2023. Gemini’s output will be sold to local utility NV Energy under a 25-year power purchase agreement (PPA).

Once in operation, the huge solar farm will generate enough electricity to supply more than 400,000 homes during peak demand periods.

Quinbrook and Primergy obtained USD 1.9 billion in debt and tax equity and reached financial close for Gemini in April.

(USD 1.0 = EUR 1.030)

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