Orsted has announced a US$55 million investment in Mission Clean Energy to support the development of utility-scale solar and battery energy storage projects across the United States. This investment further strengthens the existing partnership between the two companies, which is already focused on building four standalone battery energy storage projects in the Midwest.
The latest funding will enable Mission Clean Energy to expand its project pipeline, including both solar and storage initiatives across the country. Orsted also plans to evaluate the potential acquisition of select projects, which could enhance its own renewable energy portfolio.
Max Bakker, CEO of Mission Clean Energy, commented: “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, added: “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 Clean Energy will continue to operate independently, led by its current management team. The financial terms of the agreement were not disclosed. Macquarie Capital served as financial advisor to Mission, while Latham & Watkins LLP provided legal counsel. K&L Gates LLP acted as legal counsel to Orsted.
