Quinbrook Infrastructure Partners and its portfolio company Primergy Solar sold a minority equity stake in the $1.2 billion Gemini Solar + Storage project near Las Vegas to APG, a large pension asset managers based in the Netherlands. 

APG agreed to acquire a 49% equity ownership on behalf of its pension fund client ABP. Financial terms were not disclosed.

Earlier this year, Quinbrook and Primergy began seeking equity partners for Gemini, a 690 MWac solar plus 1,416 MWh battery energy storage facility. APG was selected following the receipt of multiple offers from prospective investors. 

Quinbrook said that APG is an experienced investor in U.S. renewables and has several direct investments in utility-scale solar and storage assets. Gemini would be APG’s largest single solar + storage investment to date when it enters service, which is expected in 2023. 

Gemini recently closed a $1.9 billion tax equity and debt financing led by Bank of America, Truist, KeyBanc, MUFG, and NORD/LB. 

In August 2021, APG joined the California State Teachers’ Retirement System and a unit of the Abu Dhabi Investment Authority to launch Arevon Energy. The Arizona-based company had a clean energy platform of 4.5 GW of operating, under construction, and late-stage development solar and battery storage projects, as well as a 3.0 GW pipeline. It was formed through the combination of Capital Dynamics’ U.S. Clean Energy Infrastructure team and Arevon Asset Management, Capital Dynamics’ energy asset management affiliate.

One of Arevon’s operating projects is the 255 MW tracker-based Moapa solar photovoltaic power plant located on the Moapa River Indian Reservation in Clark County, Nevada. The project’s electric power is sold to the Los Angeles Department of Water and Power. The site is not far from the Gemini solar project site.