Ørsted, JP Morgan close US$680 million financing for US solar and solar-plus-storage projects

Facebook
Twitter
LinkedIn
Reddit
Email
Ørsted building
Ørsted aims to have 2GW of solar capacity in operation in the US by the end of 2024. Image: Ørsted

Danish power company Ørsted has closed a US$680 million tax equity financing with US investment bank JP Morgan for a solar project, alongside a solar-plus-storage project, in the US.

The portfolio consists of two projects: the Eleven Mile Solar Center, which comprises a 300MW solar facility and a 300MW/1,200MWh storage project with a 4-hour duration in Pinal County, Arizona; and the Sparta solar project, a 250MW solar farm in Mineral, Texas. Ørsted expects both projects to reach commercial operation in 2024, and by the end of the year the company aims to have 2GW of solar capacity in operation in the US.

This article requires Premium SubscriptionBasic (FREE) Subscription

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 company will also build the Sparta project alongside its Helena Energy Center, a 518MW solar-plus-wind project that is Ørsted’s first co-located wind and solar project.

The Eleven Mile project will benefit from some of the supportive investment opportunities provided by the Inflation Reduction Act (IRA) in the US, with its solar component to generate production tax credits (PTCs) over the next ten years, while its storage component will receive a one-time investment tax credit (ITC).

The companies also announced that the deal includes the option for tax credit transferability, another new IRA mechanism to make ITCs easier to trade between companies. Financing firm Evergrow completed the first such transfer transaction in October last year, and Carl Fleming of law firm McDermott Will & Emery told PV Tech Premium that such mechanisms will drive a new wave of “mega” deals in the US solar space.

“With this new market unlocked by the IRA, we’re excited to continue our tax equity partnership with JP Morgan and bring on new entities looking to advance the US renewable energy industry, support job growth and promote local economic development,” said James Giamarino, chief commercial officer for the Americas at Ørsted.

Last December, Ørsted announced that it had signed a power purchase agreement (PPA) with social media and data giant Meta to sell “the majority” of power generated from the Eleven Mile project.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 8, 2025
US solar module prices jumped in Q3 2025 as developers scrambled to meet the 2 September 2025 safe harbour deadline for Investment Tax Credit (ITC) qualification, according to supply chain platform Anza.
October 8, 2025
Despite policy headwinds on the federal level, there is optimism for the future of the US solar and storage sector.
October 8, 2025
Officials from Norway and Egypt have agreed provisional terms for the financing of the Dandara solar park in Egypt, which is being built and operated by Norwegian IPP Scatec.
Premium
October 8, 2025
The global energy transition will only be 'marginally impacted' by uncertainties in US energy policy, according to Remi Eriksen, CEO of DNV.
October 7, 2025
Solar PV will account for almost 80% of the 4.6TW of new renewable power expected to be added by 2030, according to the International Energy Agency (IEA).
October 7, 2025
OpenSolar has secured US$13.1 million in equity financing from technology investors, including Titanium Ventures, Google and others.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK