Gemini is currently the largest solar and storage project under construction in the US. The $1.2 billion project, which is located near Las Vegas, is projected to generate 690 megawatts (MW) of solar energy and provide 1416 megawatt hours (MWh) of battery storage. Gemini is expected to generate enough clean energy to power more than 400,000 households during peak periods and save 1.5 million metric tons of CO2 annually. The project is scheduled to become operational in 2023.
The size, scale and integration of battery storage makes Gemini one of the most advanced clean energy projects under development. APG is acquiring this stake in Gemini from Quinbrook Equity Partners, a specialist investment manager focused exclusively on energy transition infrastructure, and its portfolio company Primergy Solar. According to Quinbrook, APG was selected as an equity partner because of ‘its sophisticated approach to the Gemini project and to the US renewables market more generally.’
Financial returns and positive impact
“As a responsible investor, we are always looking for infrastructure investments that bring long-term financial returns for our pension fund clients and that have a positive environmental and social impact,” says Steven Hason, Managing Director and Head of Americas Real Assets at APG. “This transaction provides an ideal opportunity to invest in a state-of-the art energy project that will provide clean, renewable electricity for Nevada.”
APG has been an active infrastructure investor since 2004, investing over € 17 billion to date. APG’s investments include assets in the power & utilities, energy, transport infrastructure and telecommunications sectors. In the US, APG has several direct investments in utility-scale solar and storage assets.