The project will be Ørsted's second solar project in the US, following the decision in November 2019 to commence construction of the Permian Energy Center solar plus storage project in Texas. Following the acquisition of Muscle Shoals, Ørsted will have two solar projects totaling 647MWac of generation capacity under construction across the US along with 40MWac of storage capacity.
Muscle Shoals is expected to come online in third quarter 2021. The modules for the project will be supplied by First Solar.
The acquisition of the project, which is fully contracted under a long-term power purchase agreement with the Tennessee Valley Authority (TVA), marks the first project in southeast US, an area in which we have a further pipeline of projects in development.
Vishal Kapadia, Senior Vice President & CFO Onshore, says:
"The acquisition of Muscle Shoals continues the expansion of our solar portfolio and further diversifies the geographic footprint of our asset base by establishing a foothold in the rapidly growing Southeast solar market. Once complete, Muscle Shoals will deliver high-quality contracted revenues that will provide Ørsted an attractive incremental source of stable earnings."
About Ørsted
Ørsted's vision is to create a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks #1 in Corporate Knights' 2020 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,600 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2019, the company generated revenue of DKK 67.8 billion (EUR 9.1 billion). For more information on Ørsted, visit orsted.com or follow us on Facebook, LinkedIn, Instagram and Twitter.