Ørsted, a Danish energy provider, has sold a 50 per cent stake in an 862 MW renewable portfolio in the US to Energy Capital Partners (ECP) for around $410 million. The portfolio includes the solar power plant Muscle Shoals as well as the onshore wind farms Lincoln Land Wind, Plum Creek Wind, and Willow Creek Wind. The renewable assets, which are spread across Illinois, Nebraska, South Dakota, and Alabama, are actively in operation and have either full or partial power purchase agreements in place.

ECP funded the transaction via a fund-of-one partnership with the Teachers Insurance and Annuity Association of America (TIAA) and debt from Mitsubishi UFJ Financial Group (Mufg). The company plans to utilise the deal’s revenues to further its aim of installing 50 GW of renewable energy capacity globally by 2030. Under the agreement, Ørsted will serve as the partnership’s managing member and will continue to provide asset management services for the projects.

In September 2022, Ørsted and Williams entered into a partnership to jointly explore the potential to develop Power-to-X projects in the US. To this end, the two companies signed a memorandum of understanding to leverage each other’s assets and expertise to develop solutions to advance the clean energy economy. Ørsted’s expertise in the renewable energy and hydrogen space and Williams’ natural gas infrastructure and processing experience would assist the partnership.