'Denmark's Orsted Wins $680M JPMorgan Backing For U.S. Solar And Battery Projects' - CNBC
Portfolio Pulse from Benzinga Newsdesk
Denmark's Orsted has secured a $680 million investment from JPMorgan for two U.S. solar and battery projects, including the Eleven Mile Solar Center in Arizona and the Sparta Solar project in Texas. The investment is part of a broader trend spurred by the Inflation Reduction Act, which has extended tax credits and introduced new incentives for clean energy projects.
May 23, 2024 | 2:52 pm
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First Solar is supplying over 857,000 solar panels for Orsted's Eleven Mile Solar project, benefiting from increased demand driven by the Inflation Reduction Act.
First Solar's involvement in a major project like Eleven Mile Solar underscores its strong market position and potential for increased sales and revenue.
CONFIDENCE 90
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
JPMorgan is providing $680 million in tax equity financing for Orsted's U.S. solar and battery projects, leveraging new incentives from the Inflation Reduction Act.
JPMorgan's significant investment in Orsted's projects highlights its active role in the clean energy sector, likely boosting its reputation and potential future earnings from tax credits.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Meta Platforms will benefit from the power generated by Orsted's Eleven Mile Solar project, which will supply energy to a new data center in Arizona.
Meta's new data center will be powered by renewable energy, aligning with its sustainability goals and potentially reducing operational costs.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60