Ørsted has announced the sale of a 50% equity stake in three US onshore renewable projects to Energy Capital Partners (ECP), a leading energy transition investor. The transaction, valued at USD 572 million, includes:
Mockingbird Solar (468 MW, Texas)
Sparta Solar (250 MW, Texas)
Eleven Mile Solar Center (300 MW solar + 300 MW/1,200 MWh battery storage, Arizona)
All three projects are scheduled to begin operations in 2024, with tax equity partnerships and power purchase agreements (PPAs) already in place. Ørsted will retain a 50% ownership interest and continue operating the projects over their lifespan.
This divestment aligns with Ørsted's strategy to recycle capital and fuel future growth, with the proceeds supporting its mid- and long-term targets. Including tax equity funding from J.P. Morgan and a tax credit transfer agreement for Mockingbird Solar, the total proceeds raised for the projects amount to USD 1.3 billion.
Strategic Partnership
This marks Ørsted’s second collaboration with ECP, following the 2022 sale of stakes in three wind farms and one solar project.
Cody Castaneda, Ørsted’s Head of Partnerships & M&A Americas, emphasized ECP’s role in driving the US renewable transition: “Our continued partnership reflects the strong value Ørsted’s portfolio delivers for investors.”
Matt Himler, Principal at ECP, highlighted the projects' role in addressing energy demand: “These large-scale assets are critical for delivering clean, reliable power in high-growth markets like Arizona and Texas.”
With these projects online, Ørsted now has over 6 GW of onshore wind, solar, and storage capacity in operation or under construction across the US.
This milestone underscores Ørsted’s commitment to expanding clean energy infrastructure and driving long-term value for partners and investors.
