Ørsted secures financing for solar and energy storage portfolio

From: Mercom Capital Group

Ørsted, a Danish renewable energy company, secured $680 million equity financing from JP Morgan to develop solar and energy storage projects in Arizona and Texas, US The portfolio includes Eleven Mile Solar Center, a 300 MW solar plant with a 300 MW/1,200 MWh storage project in Pinal County, Arizona, and a 250 MW Sparta Solar project in Mineral, Texas. The funding will be allocated to the development of projects with a capacity of 550 MW of solar energy and 300 MW of energy storage with a capacity of 4 hours (1,200 MWh). Commercial operations of both projects are expected to begin in 2024.

Clearvise, an independent renewable energy producer, announced the acquisition of the 42 MW Wolfsgarten solar project from ALTUS. ALTUS, a German developer of renewable energy projects, planned and built the Wolfsgarten photovoltaic project. It was commissioned and operational at the end of April 2024. The generated electricity will be sold under the Power Purchase Agreement.

Masdar, a developer of renewable energy projects based in the United Arab Emirates, secured $159 million in financing to develop a 250 MW solar project combined with a 63 MW battery energy storage system in the Alat district of Bukhara Oblast, Uzbekistan. The financial package signed between the World Bank Group, Masdar and the government of Uzbekistan includes a loan from the International Finance Corporation of up to $53 million. The Asian Development Bank, the Netherlands Enterprise Development Bank and the Japan International Cooperation Agency will provide loans of up to $106 million.

Eurasian Development Bank (EDB) and Bishkek Solar signed cooperation agreement on financing the construction of a 300 MW photovoltaic project in the village of Toru-Aigyr, Issyk-Kul Region, Kyrgyz Republic. The EDB is expected to set terms for long-term financing for the project, including tied financing, totaling up to $210 million over 15 years. The photovoltaic project is scheduled to be launched by the end of 2025.

ONDE, a renewable energy contractor involved in the development of photovoltaic and wind projects, announced acquisition of a 63 MW photovoltaic project based in the West Pomeranian Voivodeship. The company acquired 100% of shares in the special purpose vehicle that owns the photovoltaic project. The project is at an advanced stage of development, and the commercial launch is expected to take place in mid-2027.

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Read last week’s project funding summary.