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
You and I live among tens of millions of people who think that, after the U.S. Marine Corps has successfully protected our nation for 251 years, it will finally be made battle-ready by Pete Hegseth, an alcoholic Fox News personality.
That’s pathetic.
In an earlier post, I wrote: Well, of course universities are the enemy of the Trump administration, and all other things stupid.
A key characteristic of college graduates is that we are unlikely to believe that “socialism is evil,” a core platform of the current-day Republican party.
We find this this so hard to swallow because we are aware of the social democracies of Europe, Central America, and Oceana; in fact, many of us have visited these nations and have come to see why their people consistently rank at the top of the World Happiness Rankings.
We also understand that the United States is far from a pure market economy, in that it offers its people a great number of free services: roads, bridges, tunnels, firefighting, national defense, embassies, air traffic control, food safety, libraries, public schools, FEMA, criminal justice and corrections, law enforcement, OSHA, auto safety, disease control, the upkeep of our local, state, and national parks and beaches, animal control, space exploration, and dozens of other items.
Stupidity (along with mean-spiritedness) is really what U.S. politics rests on at this point; without it, the entire Republican party would collapse. Sure, it would be supported by a handful of greedy billionaires who couldn’t care less about the needs of the world’s people, but it would control a tiny fraction of the electorate.
Are we headed toward oligarchy?
We wouldn’t be the first democracy to topple. I go back to what so many of my acquaintances from overseas have told me, “You have been the envy of the world since long before I was born. Now we just feel sorry for you.”
When we think of the U.S. population, we generally think of patriots who honor and respect our Founding Fathers, the flag, the Constitution, and rule of law.
That’s what makes it so incredibly bizarre that we re-elected this traitor in 2024, leaving the rest of the world shaking its head in pure disbelief.
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