Dutch civil service scheme ABP has acquired a 49% stake in a $1.2bn (€1.23bn) US solar and storage project owned by Quinbrook Infrastructure Partners and Primergy Solar.

APG agreed to acquire the equity stake in the Gemini Solar + Storage project on behalf of its pension fund client ABP.

Gemini, the largest solar farm currently under construction in the US, is a 690MWac solar plus 1,416MWh battery energy storage facility located outside of Las Vegas and is expected to be operational by next year.

Gemini will be APG’s largest single solar-plus-storage investment to date. Once completed the project is expected to generate enough clean energy to power 400,000 homes and displace 1.5m metric tons of CO2 annually.

The investment contributes to the €486bn scheme’s investments in affordable and renewable energy, which totalled €18.5bn at the end of 2021.

A year ago, ABP announced it would divest from all its fossil fuel holdings. The pension fund expects most fossil fuel investments will have been sold by the first quarter of 2023.

To read the latest edition of the latest IPE Real Assets magazine click here.