Orsted receives $650 mln tax equity financing from J.P. Morgan

By Jerry 
May 23 (Reuters) – Danish company Orsted (ORSTED.CO), opens new tab has secured an investment of $680 million in tax equity financing from J.P. Morgan (JPM.N), opens new tab for a portfolio of solar and storage assets in Texas and Arizona, the clean energy developer said on Thursday.
The tax equity allows for tax credit transferability under 2022 President Biden’s Inflation Reduction Act, which corporate buyers can purchase to support clean energy storage projects in the U.S.

Additionally, the Biden administration is undertaking a separate effort to identify areas in 11 western states best suited for solar energy development, which it expects to finalize by the end of the year.
European panel manufacturers are also looking to develop projects outside of the EU, as they are weighed by competition from China and the U.S. whose governments give more support to their producers.
Source: REUTER

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