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Ørsted Secures $680 Million Tax Equity Financing for Major Solar and Storage Projects in Texas and Arizona

Renewable energy developer Ørsted has secured a $680 million tax equity financing for a portfolio of solar and storage assets in Texas and Arizona. The project portfolio includes Eleven Mile Solar Center in Arizona, a 300 MW solar and 300 MW storage project in Pinal County, Arizona, and Sparta Solar in Texas. The investment was made through the Inflation Reduction Act (IRA), which opened a new market for corporate buyers to support clean energy projects and reduce their federal tax bill through purchasing tax credits. The tax equity investment is expected to help complete the two projects, which total 550 MW solar capacity and 300 W/1200 MWh energy storage. Commercial operations for both projects are expected for 2024.

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