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.