Orsted announces investment from J.P. Morgan for $680M in tax equity financing

Orsted announced an investment from J.P. Morgan for $680M in tax equity financing for a portfolio of solar and storage assets in Texas and Arizona. The project portfolio consists of Eleven Mile Solar Center, a 300 MW solar and 300 MW /1200 MWh storage project in Pinal County, Arizona and Sparta Solar, a 250 MW solar project in Mineral, Texas. The tax equity investment will help fund the completion of both projects, which totals 550 MW of solar capacity and 300 MW of battery energy storage with the capacity to discharge for 4 hours, the company stated.