| Work Detail |
Ørsted has sold a 50% equity stake in three US onshore renewable energy projects, totalling 1,318 MW, to Energy Capital Partners (ECP) for $572m.
The projects include Mockingbird Solar (468 MW) and Sparta Solar (250 MW) in Texas, and Eleven Mile Solar Centre (300 MW solar and 300 MW/1,200 MWh battery storage) in Arizona.
All are set to begin operations in 2024, with tax equity partnerships and power purchase agreements in place.
Ørsted retains a 50% stake and will operate the projects. Proceeds from the divestment, combined with tax equity funding from J.P. Morgan, bring total funds raised for the projects to $1.306 billion.
James Giamarino, Head of Commercial for the Americas at Ørsted, said: “These transactions reflect our close engagement with a range of commercial partners, including our tax equity and transferability partners, which are all key to the growth of Orsted’s US onshore portfolio.
“As we make further progress on our growth ambitions, we’ll use this recycled capital to continue the build-out of projects that create long-term value for our partners.”
ECP Principal Matt Himler added: “These large-scale projects meet the rising demand for electricity while delivering clean energy to high-growth markets in Texas and Arizona.”
The farm-down builds on Ørsted’s 2022 partnership with ECP, further expanding its US portfolio, which now exceeds 6 GW of onshore wind, solar, and battery storage capacity. |
