Apg asset management3/20/2023 ![]() ![]() In the US, APG has several direct investments in utility-scale solar and storage assets. APG’s investments include assets in the power & utilities, energy, transport infrastructure and telecommunications sectors. APG Asset Management, on behalf of Stichting Pensioenfonds ABP, is acquiring this 49% equity stake in Gemini from Quinbrook Equity Partners (Quinbrook Infrastructure Partners), a specialist investment manager focused exclusively on energy transition infrastructure, and its portfolio company Primergy Solar, LLC.ĪPG has been an active infrastructure investor since 2004, investing over €17 billion to date. The size, scale, and integration of battery storage makes Gemini one of the most advanced clean energy projects under development. As of October 1, 2022, the residential rate for Southern Nevada is 13 cents a kilowatt-hour and the small business rate is 8 cents a kilowatt-hour. In October 2022, NV Energy disclosed they are raising energy rates due to the rising cost of natural gas, which is used to fuel the company’s power plants. NV Energy is a public utility which generates, transmits and distributes electric service in northern and southern Nevada, including the Las Vegas Valley, and provides natural gas service in the Reno–Sparks metropolitan area of northern Nevada. Gemini is scheduled to be constructed on federal land 25 miles (40 kilometers) north of Las Vegas by the end of 2023.Īll of Gemini’s output is covered by a 25 year Power Purchase Agreement with NV Energy, a subsidiary of Berkshire Hathaway. The project is scheduled to become operational in 2023. Gemini is expected to generate enough clean energy to power more than 400,000 households during peak periods and save 1.5 million metric tons of carbon dioxide annually. Gemini is projected to generate 690 megawatts (MW) of solar energy and provide 1416 megawatt hours (MWh) of battery storage. The US$ 1.2 billion project is located near Las Vegas. Gemini is currently the largest solar and storage project under construction in the United States. APG Asset Management Acquires a 49% Stake in Major Gemini Solar and Battery Storage Development ![]()
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