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

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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth 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 2026 and beyond.

Read Next

June 14, 2024
Ørsted has commissioned its Helena Energy Center in the US state of Texas, a 518MW co-located solar and wind project.
June 14, 2024
US renewable energy project developer Ameren Missouri has acquired a 150MW solar PV project in the state of Illinois.
June 14, 2024
PV Tech Premium looks at FERC's recent ruling on Order 1920 and how it will affect transmission planning in the future.
June 14, 2024
Edify Energy has proposed a 200MW solar PV farm near the newly rebuilt Callide coal-fired power station in Central Queensland, Australia.
June 13, 2024
US solar technology company Swift Solar has secured US$27 million to develop its perovskite tandem solar cell manufacturing.
June 12, 2024
Burns & McDonnell has started construction on Consumers Energy’s 297MWdc/250MWac solar project in the US state of Michigan.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia