Orsted has invested in Mission Clean Energy to develop utility-scale solar and battery energy storage projects across the United States.
The investment builds on an existing partnership between Orsted and Mission to build out four standalone battery energy storage projects across the Midwest.
This most recent investment of US$55m provides additional growth capital to expand Mission’s project pipeline, encompassing both solar and storage projects across the country.
Orsted will continue to evaluate the acquisition of select projects, providing the option to augment the Danish developer’s pipeline.
Max Bakker, chief executive of Mission Clean Energy, said: “Orsted’s investment is a strong validation of our disciplined approach to developing high-quality projects and partnering with best-in-class operators to bring them to market.”
Mike Morrow, vice president of M&A and business development at Orsted, said: “We are excited to expand our partnership with Mission Clean Energy to efficiently advance its development of renewable energy projects.
“This investment aligns with our strategy to enable multi-technology clean energy solutions and broaden our presence in the US solar and storage market.”
Mission will continue to operate as an independent business led by its current management team.
The financial terms of the agreement were not disclosed.
Macquarie Capital served as Mission’s financial advisor and Latham & Watkins LLP provided legal counsel.
K&L Gates LLP served as legal counsel to Orsted.
