Image: Quinbrook
Quinbrook Infrastructure Partners has sold a minority stake in its Nevada Gemini solar and storage project to the Netherlands’ largest pension fund for $US1.2 billion ($1.9 billion).
Dutch fund APG bought a 49 per cent equity stake in the Gemini 690MWac solar and 1,416 MWh battery energy storage project, its biggest investment in this type of project to date.
The deal comes hot on the heels of another where Quinbrook doubled its money with the sale of Colorado-based Scout Clean Energy to Brookfield just two weeks ago for $US1 billion. It bought the company for $US6 million five years ago and later invested another $US470 million.
Quinbrook’s portfolio company Primergy Solar is developing the Gemini project on 7,100 acres in the Mojave Desert, about 25 miles from Las Vegas. Once operational in 2023 the project, currently the largest under construction in the US today, will generate enough power for 400,000 homes during peak demand periods.
“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,” said David Scaysbrook, Quinbrook cofounder and managing partner.
“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.”
Quinbrook also closed a $US1.9 billion debt and tax equity credit financing deal for Gemini in April led by Bank of America, Truist, KeyBanc, MUFG, and NORD/LB. Truist Securities.
Primergy Solar CEO Ty Daul says Gemini is “one of the first” large scale projects to successfully integrate ecosystem management and local partnerships.
Quinbrook only recently returned to Australia on the back of the change of government, after saying it had given up on the country under the Coalition.
Now, the company is spearheading the 800MW/2000MWh “Supernode” battery project near Brisbane, a mammoth installation to support an equally massive data centre.
Other plans include the 1,000MWh Lockyer battery storage project as part of plans that converted a proposed gas peaking plant into battery storage.
Quinbrook was founded by two Australians and now ranks as one of the world’s leading renewable energy developers, with more than $US5 billion under management.
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