Ørsted has signed a transaction with Stonepeak, an funding agency specializing in infrastructure and actual belongings, divesting an fairness possession stake in a portfolio consisting of 4 U.S. onshore wind farms with a complete capability of 957 MW. That is Ørsted’s first partnership with Stonepeak and the second main farm-down of a number of belongings in the USA.
The worth of the transaction is roughly $300 million. As well as, Ørsted has beforehand raised roughly $700 million in tax fairness proceeds for this portfolio, bringing the overall proceeds raised to greater than $1 billion.
“This deal signifies the worth that our US onshore renewable vitality initiatives can ship to our traders whereas additionally demonstrating the holistic and versatile strategy we take to partnerships and divestments,” stated David Hardy, government VP and CEO of area Americas at Ørsted. “Whereas Ørsted will proceed to function every asset over its lifetime, we’ll use this capital to fund initiatives that proceed to create essentially the most worth for our stakeholders and gas our progress within the renewable vitality sector.”
The portfolio consists of 4 wind farms throughout three states: The Ford Ridge Wind venture in Illinois, the Helena Wind and Western Path Wind initiatives in Texas and the Sunflower Wind venture in Kansas, in-built three completely different markets: the Electrical Reliability Council of Texas (ERCOT), Midcontinent Impartial System Operator (MISO) and Southwest Energy Pool (SPP), respectively.
The initiatives are all at the moment operational and have energy buy agreements in place for all or components of the manufacturing capability.. Ørsted would be the managing member of the partnership and can proceed to offer asset administration companies to the initiatives. Ørsted at the moment has a portfolio of practically 6 GW of onshore wind, photo voltaic, and battery storage initiatives in operation and beneath development throughout the USA.
“The necessity for environment friendly infrastructure with the facility to additional the vitality transition continues to develop, and onshore wind continues to play a serious function in serving to to satisfy that demand,” stated Anthony Borreca, senior managing director at Stonepeak. “Ørsted’s U.S. onshore belongings are younger and have been constructed with trusted expertise, which supplies us confidence of their potential to make a significant and constructive long-term impression on the communities they serve. We stay up for partnering carefully with Ørsted on this extremely contracted, geographically various portfolio.”
Information merchandise from Ørsted
Filed Below: Information, Tasks
