APG acquires 49% stake in US’s largest solar and storage project

Dutch pension fund manager APG has acquired a minority stake in a solar energy and storage project in the US. The project, Gemini, is majority-owned by Quinbrook Infrastructure Partners, an investment manager, and its subsidiary Primergy Solar. APG paid a reported $1.2bn for a 49% stake on behalf of ABP, a pension fund. According to the company, the Gemini project is a 690MWac solar plus 1,416 MWh battery energy storage facility and is the largest solar and storage project under construction in the US. Steven Hason, managing director of Americas real assets for 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. We look forward to working with our partners who share our long-term investment goals with regard to this critical infrastructure asset.”