NEW YORK, June 25, 2019 /PRNewswire/ -- Quinbrook Infrastructure Partners ("Quinbrook"), a specialist global investment manager that is focused exclusively on lower carbon and renewable energy infrastructure investment and operational asset management in the US, the UK and Australia, today announced the signing of a 25-year Power Purchase Agreement with NV Energy for the 690 megawatt (MW) AC Gemini Solar + Battery Storage Project ("Gemini") to be located in Clark County, Nevada.
The Gemini Solar + Battery Storage Project is believed to be the largest solar-powered battery storage system in the world announced to date, featuring a 690 MW AC solar photovoltaic array coupled with a 380MW AC battery storage system that capable of storing over 1,400 megawatt hours (MWh) of low-cost, renewable power each day delivered exclusively for NV Energy's customers in southern Nevada. Gemini will be located 25 miles northeast of downtown Las Vegas on approximately 7,100 acres of federally-owned land under the management of the Bureau of Land Management ("BLM").
Gemini is owned by Quinbrook's Low Carbon Power Fund, which recently announced the successful closing of over $1.6 billion of investor capital commitments from institutional investors from the US, the UK and Australia. Gemini will be a major new construction undertaking estimated to cost in excess of $1 billion and extend over an 18-month period that is scheduled to be completed and operational before the end of 2023. Gemini is expected to utilize more than 2.5 million solar modules, support over 2,500 jobs and bring over $450 million of financial stimulus to the Nevada economy.
"Gemini is a significant power infrastructure project that sets new benchmarks for the teaming of solar PV and battery storage at large scale in order to deliver low priced, renewable power to benefit the citizens and the economy of Nevada. Gemini has the potential to be a game-changer for the deployment of cost-effective renewable power at a time when sustainable investment to reduce emissions from power generation has never been more critical. The long-term commitment that NV Energy has made to ensure that Gemini can be built shows their commitment to harnessing the abundant and low-cost solar resource available in Nevada and matching that with the recent advancements in battery storage pricing and capability," said David Scaysbrook, Co-Founder and Managing Partner of Quinbrook.
Scaysbrook added: "The advantageous location of Gemini and the significant scale of the project means that based solely on cost factors, renewable power from Gemini is expected to be cost-competitive with traditional sources of power generation for at least the next 25 years. Gemini offers very positive and tangible ESG impacts due to the deployment of our investor's capital in new energy infrastructure and we are excited to both create and deliver such material financial, environmental and economic benefits on their behalf."
The addition of battery storage at the Gemini site, especially during periods of high electricity demand from Nevada power consumers, is expected to help reduce carbon emissions from existing power generation sources by over 1.5 million tons per year1. At 690 MW of solar PV capacity, Gemini currently ranks as the second largest solar project in US history and together with the 380MW AC of battery storage capacity, offers the ability to power over 400,000 homes in Nevada both throughout the day and into the early evening hours.
"Nothing as ambitious as Gemini can be achieved without a dedicated team and successful partnerships. Quinbrook's team have again demonstrated their power project investment credentials with Gemini. Moreover, our project development partners at Arevia Power have done an admirable job in diligently progressing Gemini through its milestones and engaging with multiple stakeholders to help make Gemini a reality," added Scaysbrook.
The Quinbrook and Arevia teams undertook the development of Gemini with heightened awareness of environmental sensitivities. Consequently, through close coordination with BLM and the US Department of Fish and Wildlife Service, Gemini will be employing some of the most innovative environmental mitigation measures used to date in the US to ensure preservation of habitat for sensitive species during construction and permanent operations.
The BLM is currently undertaking an environmental review of the project site in compliance with the National Environmental Policy Act of 1969 ("NEPA").
Quinbrook Infrastructure Partners (www.quinbrook.com) is a specialist investment manager focused exclusively on lower carbon and renewable energy infrastructure investment and operational asset management in the US, UK and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested over $17 billion in energy infrastructure assets since the early 1990's, representing over 30GW of power supply capacity. Quinbrook's investment and asset management team has offices in Houston, London, Jersey, and the Gold Coast of Australia. Quinbrook has completed multiple investments in both utility scale and distributed scale wind power, solar PV, gas fired power reserve and 'smart grid' projects in the US, UK and Australia. Quinbrook currently manages the Quinbrook Low Carbon Power Fund and the Cape Byron Infrastructure Fund (www.capebyronpower.com) which owns and operates one of Australia's largest base-load 100% renewable power generation portfolio's.
1 Metric tons of carbon dioxide equivalent, based on expected year one contracted production as calculated by the United States EPA.
SOURCE Quinbrook Infrastructure Partners