Ørsted has partnered with J.P. Morgan to optimize tax benefits and fast-track the development of its solar projects in Arizona and Texas. (Image Credit: Ørsted)
Ørsted, a prominent clean energy developer, has secured an investment of $680 million from J.P. Morgan for solar and storage portfolio. The investment, structured as tax equity financing, supports the 300 MW solar and 300 MW /1200 MWh storage Eleven Mile Solar Center in Arizona and 250 MW Sparta Solar in Texas. These projects utilize combined production and investment tax credits since the passage of the Inflation Reduction Act in 2022. With the partnership, Ørsted aims to optimize tax benefits and accelerate the completion of these projects. The projects, expected to commence operations in 2024, contribute to Ørsted’s broader goal of reaching 2 GW of solar power in the US and will contribute $125 million in tax revenue to local communities. Legal counsel was provided by Latham & Watkins LLP and Milbank LLP.
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