Dutch pension fund, ABP, has made a record investment in the largest solar and storage project under construction in the US.

Gemini is a USD 1.2bn project located near Las Vegas that is expected to generate enough clean energy to power more than 400,000 homes during peak periods.

ABP has made the investment through its provider, APG.

Gemini is expected to save 1.5 million metric tons of CO2 annually and is scheduled to become operational in 2023.

APG is acquiring the stake in the solar and storage project from Quinbrook Equity Partners and its portfolio company, Primergy Solar.

According to Quinbrook, APG was selected as an equity partner because of “its sophisticated approach to the Gemini project and to the US renewables market more generally”.

ABP stated that it likes to invest in companies involved in the transition to sustainable energy and has previous experience in investing in other large-scale solar projects in the US.

The fund announced in October 2021 that it would stop investing in fossil fuel companies, with the majority of these investments expected to be sold by the first quarter of 2023.

“As a responsible investor, we are always looking for infrastructure investments that bring long-term financial returns for our pension fund clients and that have a positive environmental and social impact,” said APG managing director and head of Americas real assets, Steven Hason.

“This transaction provides an ideal opportunity to invest in a state-of-the art energy project that will provide clean, renewable electricity for Nevada.”

ABP board member and responsible for investments, Dominique Dijkhuis, added: “As ABP, we like to invest with a positive impact on the world.

“This is an ideal opportunity to invest in an important clean and renewable energy project.

“It is an investment that provides a good return over a longer period of time and therefore a good pension for our participants, and which is also good for the climate.”

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