Denmark's Orsted wins $680 million JPMorgan backing for U.S. solar and battery projects

Renewable energy developer Orsted announced on Thursday won a $680 million investment from JPMorgan for two of its energy projects, including Eleven Mile Solar near Coolidge, Arizona.

The majority of the power generated at Eleven Mile Solar will go to a new Meta Platforms data center in Mesa, Arizona. JPMorgan will provide tax equity financing for Orsted's Eleven Mile Solar Center, a 600-megawatt solar and storage project near Coolidge, Arizona, and the 250-megawatt Sparta Solar project in Mineral, Texas., qualifies for a one-time investment tax credit for the storage system, as well as an annual credit from a production tax credit for the solar array. Both credits were extended under the IRA.

Prior to the IRA, the tax equity market was between $18 billion and $20 billion per year, according to the American Council on Renewable Energy. That's"till far short of what is needed in the post-IRA clean energy investment landscape," the investment bank Evercore ISI noted. The bank estimates the potential market for tax credit transfers hitting $47 billion in 2024, and rising to more than $100 billion annually by 2030.

Source: Energy Industry News (energyindustrynews.net)

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