Connect with us

Published

on

Ørsted has received an investment from J.P. Morgan for $680 million in tax equity financing for a portfolio of solar and storage assets in Texas and Arizona. 

The project portfolio consists of Eleven Mile Solar Center, a 300 MW solar and 300 MW storage project in Pinal County, Ariz. and Sparta Solar, a 250 MW solar project in Mineral, Texas.

Eleven Mile will receive a one-time investment tax credit for its BESS while the solar farm will generate production tax credits over a ten-year period.

The tax equity partnership with J.P. Morgan includes the option for tax credit transferability.

“Ørsted is an experienced developer and operator of renewable energy projects in the U.S., including offshore and onshore wind, solar and battery storage, all of which will generate tax credits valuable to investors,” says James Giamarino, CCO for the Americas at Ørsted.

“With this new market unlocked by the IRA, we’re excited to continue our tax equity partnership with J.P. Morgan and bring on new entities looking to advance the U.S. renewable energy industry, support job growth and promote local economic development.”

The tax equity investment will help fund the completion of both projects, which are expected to commence commercial operations this year.

Latham & Watkins served as legal counsel for Ørsted. Milbank served as legal counsel for J.P. Morgan.

The post Orsted Receives Financing from J.P. Morgan for Solar + Storage appeared first on Solar Industry.

Orsted Receives Financing from J.P. Morgan for Solar + Storage

Continue Reading

Renewable Energy

Carbon Capture and Synthetic Fuels

Published

on

As we’ve noted in the past, the idea of capturing CO2 from the atmosphere is completely unfeasible, since 99.96% of the air around is something other than CO2 (mostly nitrogen).  However, there are environments that change this equation radically, cement plants being one of them, where the concentration of CO2 emissions is as high as 30% (versus .04%).

Now, this brings the subject of synthetic fuels into the realm of possibility.  Sure, if you want to make gasoline, diesel, and jet fuel, you’ll need two other things: hydrogen (which can come from electrolyzing water), and a considerable amount of energy, as these processes are heavily endothermic, meaning that energy must be supplied from external sources.

The good news is that we have enormous amounts of off-peak wind and nuclear that are wasted every day.  Please see: Doty WindFuels.

Carbon Capture and Synthetic Fuels

Continue Reading

Renewable Energy

What Trump Is Actually Doing

Published

on

With each passing day, there are fewer and fewer American voters who believe the bullshit at left.

Is Trump working hard to stay out of prison? Enrich himself and his family?  Of course.

Could be possibly care less about anything else? Obviously not.

What Trump Is Actually Doing

Continue Reading

Renewable Energy

Flagging Tourism to the United States

Published

on

What’s the thought process of people in the rest of the developed world when it comes to visiting the U.S.?

Conversely, would you or I want to visit some country with a deeply corrupt regime that is systematically committing atrocities all around the globe, and whose leader is lining his pockets?

I’m glad I don’t own a resort in New England that counts on a flow of visitors from Canada.  If I were a Canadian, I’d be thinking I’d rather visit hell.

Flagging Tourism to the United States

Continue Reading

Trending

Copyright © 2022 BreakingClimateChange.com