Denmark’s Ørsted acquires US photo voltaic farm below development

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Danish renewable energy big stated on July 9 firm has acquired the 227MWac below development Muscle Shoals photo voltaic challenge situated in Colbert County, Alabama, within the US. Concurrent to the acquisition, Ørsted enters right into a tax fairness funding dedication with Wells Fargo, Ørsted stated in a press launch.

The challenge shall be Ørsted’s second photo voltaic challenge within the US, following the choice in November 2019 to start development of the Permian Energy Center photo voltaic plus storage challenge in Texas. Following the acquisition of Muscle Shoals, Ørsted could have two photo voltaic tasks totaling 647MWac of era capability below development throughout the US together with 40MWac of storage capability, the corporate stated.

Muscle Shoals is predicted to come back on-line in third quarter 2021. The modules for the challenge shall be provided by First Solar.

“The acquisition of Muscle Shoals continues the expansion of our solar portfolio and further diversifies the geographic footprint of our asset base by establishing a foothold in the rapidly growing Southeast solar market,” Ørsted Senior Vice President & CFO Onshore Vishal Kapadia stated. “Once complete, Muscle Shoals will deliver high-quality contracted revenues that will provide Ørsted an attractive incremental source of stable earnings.”

The acquisition of the challenge, which is totally contracted below a long-term energy buy settlement with the Tennessee Value Authority (TVA), marks the primary challenge in southeast US, an space through which we have now an additional pipeline of tasks in improvement.