Quinbrook Infrastructure Partners and its portfolio company Primergy Solar have sold a 49 percent minority equity stake in the $1.2 billion Gemini Solar + Storage project to APG, the largest pension asset manager in the Netherlands.
Located outside of Las Vegas, Gemini is currently the largest solar-plus-storage project under construction in the United States. The project recently closed a record-breaking US$1.9 billion tax equity and debt financing led by Bank of America.
Earlier this year, Quinbrook and Primergy began seeking equity partners for Gemini, a 690-megawatt solar-plus 1,416-megawatthour battery energy storage facility. After they received multiple offers from a diverse group of prospective investors ranging across the industrial and financial investor landscape, Quinbrook and Primergy chose APG, which is an experienced investor in U.S. renewables and has several direct investments in utility-scale solar and storage assets in the United States.
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