Ørsted Closes $680 Million in Tax Equity Financing for Solar and Storage Portfolio
Summary
"\xd8rsted is an experienced developer and operator of renewable energy projects in the U.S., including offshore and onshore wind, solar, and battery storage, all of which will generate tax credits valuable to investors," said James Giamarino, Chief Commercial Officer for the Americas at \xd8rsted. "With this new market unlocked by the IRA, were excited to continue our tax equity partnership with J.P. Morgan and bring on new entities looking to advance the U.S. renewable energy industry, support job growth, and promote local economic development. The solar projects will contribute a combined $125 million in tax revenue over the life of the projects for public services in the local communities.Latham & Watkins LLP served as legal counsel for \xd8rsted and Milbank LLP served as legal counsel for J.P. Morgan.About \xd8rsted A global clean energy leader, \xd8rsted develops, constructs, and operates offshore and land-based wind farms, solar farms, energy storage facilities, and bioenergy plants. A leader across the renewable energy sector in the United States, \xd8rsted holds the top position in offshore wind energy and operates Americas first offshore wind farm, located off the coast of Block Island. \xd8rsted has a total U.S. land-based capacity of over 5 gigawatts across wind, solar, storage technologies and e-fuels.