Ørsted, a Danish operator of offshore and onshore wind farms, solar farms, energy storage facilities and bioenergy plants, has sold a 50 percent ownership stake in a U.S. renewable portfolio.
The portfolio, which was sold to Energy Capital Partners (ECP) for $410 million, consists of three onshore wind farms and one solar farm. The portfolio of onshore wind farms Lincoln Land Wind, Plum Creek Wind and Willow Creek Wind, and the solar farm Muscle Shoals, is diversified across four U.S. states, representing a total capacity of 862 megawatts.
The projects are all operational and have power-purchase agreements in place for all or parts of the production capacity.
The transaction was funded via a fund-of-one partnership, Renewable Power Fund Plus, between ECP and Teachers Insurance and Annuity Association of America (TIAA), along with debt financing from Mitsubishi UFJ Financial Group (MUFG). Renewable Power Fund Plus now owns 50 percent of a new company holding the