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July 10, 2020updated 18 Aug 2020 4:50am

Ørsted announces acquisition of 227MW AC solar farm in Alabama, US

Danish company Ørsted is set to the acquire the 227MW AC Muscle Shoals solar project, under construction in the US.

Danish company Ørsted is set to the acquire the 227MW AC Muscle Shoals solar project, under construction in the US.

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Located in Colbert County, Alabama, Muscle Shoals will use solar panels supplied by First Solar. The project will come online in the third quarter of next year.

This is Ørsted’s second project in the US. It follows the company’s decision in November last year to begin construction on the Permian Energy Center solar plus storage project in Texas.

In the US, Ørsted will have a combined generation capacity of 647MW AC, with 40MW AC of storage.

Ørsted onshore senior vice-president and CFO Vishal Kapadia said: “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.

“Once complete, Muscle Shoals will deliver high-quality contracted revenues that will provide Ørsted an attractive incremental source of stable earnings.”

The project is said to be fully contracted under a long-term power purchase agreement with the Tennessee Value Authority.

With this acquisition, Ørsted simultaneously entered into a tax equity funding commitment with Wells Fargo. Financial details of the deal have not been divulged by both the companies.

In April this year, Ørsted announced the completion of the 338MW Sage Draw wind project in Texas.

Spread across the Garza and Lynn counties, the wind farm is equipped with 120 wind turbines. It is expected to generate enough clean energy that will be sufficient to meet the electricity needs of 120,000 households in the US.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
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by GlobalData
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