Orrick Advises Primergy on Sell Down of US$1.2 Billion Solar + Storage Gemini Project

1 minute read | October.19.2022

Orrick advised Primergy Solar, a renewable energy developer, owner and operator, on the sale of a minority equity stake in the US$1.2 billion 690 MW solar + 380 MW storage Gemini project outside of Las Vegas to APG, the largest pension asset manager in the Netherlands. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and represents Quinbrook’s principal solar and solar plus energy storage investment platform in North America.

Upon reaching commercial operation next year, Gemini will be one of the largest solar projects ever completed in the United States—capable of powering more than 400,000 homes at peak output and displacing 1.5 million metric tons of carbon dioxide annually.

Earlier this year, Primergy began seeking equity partners for Gemini and selected APG amongst a diverse group of prospective investors due to its substantial experience in the U.S. renewables market, including several direct investments in utility-scale solar and storage assets. Primergy will continue managing the construction and operational phases of Gemini, while collaborating with a diverse set of project stakeholders to ensure the long-term success of the project.

The milestone project is one of the first large-scale projects to take a holistic approach to clean energy development that successfully integrates ecosystem management, a commitment to local partnerships and equitable stakeholder engagement while delivering numerous ESG-related benefits. The size, scale, innovative integration of battery storage and siting on federal lands make Gemini one of the most sophisticated clean energy projects to date.

Orrick previously advised Primergy on the US$1.9 billion financing and development of the Gemini project led by Bank of America, Truist, KeyBanc, MUFG, and NORD/LB. The Orrick team was led by Louise Gibbons and included Wolf Pohl, Heather Behrend, Trudie Makens and Helen Aki.