Ørsted has expanded its footprint in the solar-plus-storage space via the acquisition of a US developer.
The firm, Denmark’s self-styled largest energy group, used a recent Q1 2019 update to reveal an agreement to acquire a subsidiary of US-based Coronal Energy.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The statement did not name the subsidiary in question but contacted by PV Tech, a source close to Ørsted identified it as HelioSage Energy.
The unit was purchased from Panasonic-owned Coronal – which had scooped it up in 2015 – in return for a “low double-digit US dollar million” figure, the source explained, adding that the transaction only completed today.
The deal marks a boost for the US renewable portfolio of Ørsted, known as DONG Energy before its rebranding in 2017.
Prior to the deal, the traditionally wind-focused player only owned a couple of PV projects in the country: the operational 10MW Oak Solar plant in New Jersey plus the 400MW Permian facility in Texas, which is awaiting a final investment decision and is backed by a 250MW PPA with Exxon.
How much capacity will be added via the HelioSage acquisition remains unclear. Other than describing it as “significant”, Ørsted has yet to share a MW figure for its new portfolio. The pipeline doesn’t feature operational projects, only those at the development stage, PV Tech understands.
Elsewhere, the UK was Ørsted’s choice for its first standalone, large-scale battery energy storage project. Operational since January, its 20MW Carnegie Road scheme features lithium battery and power conversation systems from NEC, designed to support a 90MW offshore wind portfolio.
