Danish renewables developer European Power (EE) has accomplished the sale of its largest photo voltaic farm within the US up to now.
Copenhagen-based European Power mentioned it bought the photo voltaic farm to an undisclosed purchaser in order that it will possibly develop, ship, and recycle capital into new US renewable vitality tasks. EE develops photo voltaic, onshore and offshore wind, power-to-X, and battery storage tasks. It arrived within the US in 2021 and has an workplace in Austin.
Lorena Ciciriello, chief government of EE North America, mentioned, “Our aim within the US is to create a broad portfolio of renewable vitality options, and this sale is a crucial step in realizing our technique.”
It’s the Danish developer’s “second main divestment” within the US since European Power entered the photo voltaic market in 2021, bringing the whole capability divested to 800 MW. The corporate bought its first US photo voltaic farm, Yellow Viking in Texas, in 2023.
When absolutely operational, the nonetheless unnamed photo voltaic farm – EE doesn’t say the place within the US it’s situated, both – is anticipated to provide round 1,389 GWh of electrical energy yearly, equal to the annual consumption of 128,000 US households.
“We stay dedicated to growing renewable vitality tasks within the USA that drive native development and create jobs,” mentioned Thorvald Spanggaard, EVP and head of venture growth at European Power.
Electrek’s Take
This announcement, which is gentle on particulars, piqued my curiosity. It’s a big photo voltaic farm bought by a big European-HQ’ed world firm that claims it’s dedicated to growing extra renewables within the US, which is at present being run by a authorities that doesn’t contemplate photo voltaic or wind to be outlined as vitality. What’s the motivation for EE to do this? It positive isn’t federal tax incentives.
What’s coming down the pipeline for renewable tasks within the US? Everyone seems to be speculating, however nobody is aware of – not even Republicans, regardless of the dangers of renewable venture collapses being highest in their very own states. I’ll make an informed guess and say that EE will sit on its sale proceeds and await readability, which they could by no means get. That’s as a result of the Trump administration memos and government orders are intentionally designed to be imprecise. Chaos is a type of management.
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