By Nick Hedley
APG, the largest pension provider in the Netherlands, has bought 49% of the $1.2 billion Gemini solar-plus-storage project outside of Las Vegas – the biggest project of its kind under construction in the U.S.
The project is currently owned by Quinbrook Infrastructure Partners and its portfolio company Primergy Solar. APG, which already has several renewable energy investments in the U.S., will acquire the minority stake on behalf of its pension fund client, ABP.
Gemini is a 690MW solar plus 1,416MWh battery energy storage facility that is expected to be operational in 2023.
Steven Hason, managing director of Americas real assets at APG, said: “This transaction represents an ideal opportunity to invest in a state-of-the-art energy project that will provide clean, renewable electricity for Nevada.”
With €558 billion (US$538 billion) in assets under management, APG invests on behalf of Dutch pension funds and their 4.8 million participants.