Quinbrook sells stake in 1.4GWh Gemini solar-plus-storage project to Dutch asset manager

LinkedIn
Twitter
Reddit
Facebook
Email

Investor Quinbrook has sold a 49% stake in the 1.4GWh Gemini solar-plus-storage project in Nevada, US, to Dutch pension asset manager APG.

Quinbrook Infrastructure Partners has sold the stake to APG Asset Management NV, which has bought the stake on behalf of its pension fund client ABP.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Gemini is a solar-plus-storage project 25 miles from Las Vegas which pairs 690MWac/966MWdc of solar power and a 380MW/1,416MWh battery energy storage system, one of the largest in the world.

It is being developed by Quinbrook investee Primergy, which already has a 25-year power purchase agreement (PPA) with Berkshire Hathaway-owned utility NV Energy for the offtake.

Quinbrook said it selected APG ‘…following the receipt of multiple offers from a diverse group of prospective investors, ranging across the industrial and financial investor landscape’.

David Scaysbrook, co-founder and Managing Partner of Quinbrook said: “Given the scale and impact of Gemini, we felt APG was an exemplary partner for us that is differentiated by its sophisticated approach to the Gemini project and to the US renewables market more generally.

“Our Primergy team will continue to manage the construction and operational phases of Gemini with some exciting milestones coming up as the mammoth Gemini Project takes shape.”

Ty Daul, CEO of Primergy Solar said: “The size, innovative integration of battery storage and siting on federal lands makes Gemini one of the most sophisticated clean energy projects ever developed.”

In March, Primergy awarded Kiewit Power Constructors Co. the Gemini project’s engineering, procurement and construction (EPC) contract and IHI Terrasun Solutions responsibility to deliver and integrate the BESS portion.

The following month, the company secured US$1.3 billion in debt financing and US$532 million in tax equity financing to deliver on the project, which is expected to go into operation in late 2023.

The solar-plus-storage operational project with the largest energy storage component in the world is Florida Power & Light’s Manatee project which contains a 409MW/900MWh BESS unit. The largest in development is Terra-Gen’s Edwards Sanborn project in California, which has a battery storage unit that has recently grown to a planned 3,291MWh capacity.

18 March 2025
Sydney, Australia
As we move into 2025, Australia is seeing real movement in emerging as a global ‘green’ superpower, with energy storage at the heart of this. This Summit will explore in-depth the ‘exponential growth of a unique market’, providing a meeting place for investors and developers’ appetite to do business. The second edition will shine a greater spotlight on behind-the-meter developments, with the distribution network being responsible for a large capacity of total energy storage in Australia. Understanding connection issues, the urgency of transitioning to net zero, optimal financial structures, and the industry developments in 2025 and beyond.
26 March 2025
Austin, Texas
The Energy Storage Summit USA is the only place where you are guaranteed to meet all the most important investors, developers, IPPs, RTOs and ISOs, policymakers, utilities, energy buyers, service providers, consultancies and technology providers in one room, to ensure that your deals get done as efficiently as possible. Book your ticket today to join us in 2025!

Read Next

February 12, 2025
Australian energy major AGL Energy disclosed in its half-year results that it intends to make a financial investment decision (FID) over the next 18 months for 1.4GW of utility-scale battery energy storage systems (BESS).
Premium
February 11, 2025
The energy storage market in Italy has unique characteristics that mean more risk-averse investment funds will be able to enter, but upcoming auctions could be very competitive, driving down clearing prices, a director at consultancy Timera Energy said.
February 11, 2025
Modo Energy has said that battery energy storage systems (BESS) in Australia’s National Electricity Market (NEM) earned an average of AU$148,000/MW (US$92,810/MW) in 2024, a 45% increase year-on-year.
February 10, 2025
The government of Cyprus has published guidelines for a scheme to support the deployment of approximately 150MW/350MWh of energy storage.  
February 10, 2025
NYSE-listed firm Freyr has cancelled its plans for a battery manufacturing plant in Georgia, US, following its pivot to becoming a US solar company.

Most Popular

Email Newsletter