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
I see.
There’s not enough land in Spain to support rooftop and ground-mounted solar at a fraction of the cost.
LOL.
It’s possible that right now, there are other civilizations observing the human race, studying us from afar, and noticing our decline into savagery and eventual extinction by turning billionaires into trillionaires.
People say that the principal weakness of human beings is that we can’t plan for the future as a species. Dogs are arguably even worse, though they aren’t consumed with greed. They don’t plot the starvation of millions of other dogs so they themselves can have enough food to last a billion years.
As an elderly man, I’ll be leaving this planet soon, but I won’t cease pondering this until my heart stops beating.
The drawing here reminds me of a conversation I had with my mother in the early days of 2GreenEnergy when she saw that my focus had become an ongoing effort to improve the wellbeing of all the planet’s inhabitants–now and into the future.
She asked me, “Why don’t you just live your life?”
I explained, “This is my life.”
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