UPDATED: Ørsted sells half of three onshore renewable energy projects in the US to Energy Capital Partners (ECP) for 4.1 billion DKK. Ørsted writes this in a company announcement.
The partial divestments concern two solar parks in Texas and the Eleven Mile Solar Center in Arizona, which is both a solar power plant and a battery storage facility. Ørsted will retain 50 percent of the solar parks and will continue to be responsible for their operation throughout the life of the parks. Energy Capital Partners is the largest private owner of electricity generation and renewable energy in the US.
According to Ørsted, the energy company has secured financing of around 5.2 billion DKK for the three projects this year via a tax rebate agreement with its partner J.P. Morgan. Ørsted has also signed its first long-term tax credit agreement for one of the solar parks in Texas.
The sale price and what has been obtained through tax credits brings the total revenue from the three projects to approximately DKK 9.3 billion, Ørsted writes.
Will reinvest
James Giamarino, who is Ørsted's commercial manager in the Americas region, believes that the transactions reflect Ørsted's close collaboration with a number of commercial partners.
- As we make progress with our growth ambitions, we will reinvest this capital to continue the expansion of projects that create long-term value for our partners, he says in the announcement.
Østed has previously sold parts of its American projects to Energy Capital Partners. In 2022, the investment company bought half of three wind farms and a solar cell plant.
The recent divestment is in the wake of a number of other partial sales of projects in both the UK and Taiwan. Earlier in December, Ørsted announced that it had sold half of the Greater Changhua 4 wind farm in Taiwan to an insurance company for DKK 11.6 billion.
In October, Ørsted also sold four British offshore wind farms. Here, the company sold an ownership stake of 12.45 percent for DKK 15.7 billion to the investment company Brookfield.
/ritzau/
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