Danish energy company Ørsted has sold a 50% stake in an 862MW renewable portfolio in the US to Energy Capital Partners (ECP) for around $410m.

The portfolio comprises the Lincoln Land Wind, Plum Creek Wind and Willow Creek Wind onshore wind farms, as well as the solar facility Muscle Shoals.

Located across Illinois, Nebraska, South Dakota and Alabama, the renewable assets are currently operational and have either partial or full power purchase agreements in place.

ECP funded the deal via a fund-of-one partnership with the Teachers Insurance and Annuity Association of America (TIAA) and debt from Mitsubishi UFJ Financial Group (MUFG).

ECP partner Schuyler Coppedge said: “We are pleased to invest in this diverse portfolio of operating wind and solar assets, underpinned by long term investment grade cash flows in attractive markets.

“Ørsted has a first class reputation for owning and operating renewable projects around the world, and we are delighted to partner with them as they continue to grow and diversify their Onshore business.”

The deal is the first time Ørsted has sold multiple assets in one transaction as part of its farm-down programme.

The company will use the proceeds from the deal to support its ambition to reach 50GW of installed renewable energy capacity worldwide by 2030.

Under the terms of the sale, Ørsted will be the managing member of the partnership and will continue to provide asset management services for the projects.

Ørsted Onshore CEO Neil O’Donovan said: “I’m excited about bringing in such a leading investor as ECP, who has a proven and established track record in power and renewables, for the first farm-down in our Onshore business.

“I consider this transaction another key milestone in the Onshore journey and a testament to the value our projects create.

“Our ability to raise capital will fuel our continued onshore growth. I’m proud of the team for making this transaction happen.”