Ørsted, a Danish renewable energy company, secured $680 million in tax equity financing from J.P. Morgan to develop solar and energy storage projects in Arizona and Texas, U.S. The portfolio consists of Eleven Mile Solar Center, a 300 MW solar with a 300 MW/1200 MWh storage project in Pinal County, Arizona, and a 250 MW Sparta Solar project in Mineral, Texas. The funding will be used to develop projects with 550 MW of solar capacity and 300 MW of energy storage with a discharge capacity of 4 hours (1,200 MWh). Commercial operations for both projects are expected to commence in 2024.
clearvise, an independent renewable energy power producer, announced the acquisition of the 42 MW Wolfsgarten solar project from ALTUS. ALTUS, a German-based renewable energy project developer, planned and built the Wolfsgarten solar project. It was commissioned and put into operation at the end of April 2024. The electricity generated will be marketed via a Power Purchase Agreement.
Masdar, a UAE-based renewable energy project developer, secured $159 million in financing for the development of a 250 MW solar project combined with a 63 MW battery energy storage system in the Alat district of the Bukhara region, Uzbekistan. The financial package, signed between the World Bank Group, Masdar, and the Government of Uzbekistan, includes a loan from the International Finance Corporation of up to $53 million. The Asian Development Bank, Dutch Entrepreneurial Development Bank, and Japan International Cooperation Agency will provide loans of up to $106 million.
The Eurasian Development Bank (EDB) and Bishkek Solar signed a cooperation agreement to finance the construction of a 300 MW of solar project in Toru-Aigyr village, Issyk-Kul Region, Kyrgyz Republic. The EDB is expected to formulate the terms of long-term financing for the project, including tied funding, totaling up to $210 million for 15 years. The solar project is expected to be commissioned by the end of 2025.
ONDE, a renewable energy contractor involved in the development of solar and wind projects, announced the acquisition of a 63 MW solar project located in the West Pomeranian Voivodeship in Poland. The company acquired 100% stakes in a special-purpose vehicle that owns the solar project. The project is in the advanced stage of development and is expected to reach commercial operation in mid-2027.
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