Mission Clean Energy announced it has received a strategic investment to the tune of $55 million from global clean energy leader Ørsted.
The partnership marks a major milestone for Mission as develops utility-scale solar and storage projects throughout the U.S.
The two companies have an existing partnership to build out four standalone battery energy storage projects across the Midwest; this most recent investment will provide supplemental growth capital to expand Mission’s project pipeline.
Ørsted will continue to evaluate the acquisition of select projects with the option to augment its development pipeline.
While Mission will continue to operate as an independent business, ongoing support from Ørsted has enabled it to continue developing and advancing projects to meet the growing energy demand from utilities, data centers, manufacturing facilities, and other large-load sectors.
The financial terms between the two parties were not disclosed.
“We are excited to expand our partnership with Mission Clean Energy to efficiently advance its development of renewable energy projects,” said Mike Morrow, Vice President of M&A and Business Development at Ørsted, in a statement. “This investment aligns with our strategy to enable multi-technology clean energy solutions and broaden our presence in the U.S. solar and storage market.”
Mission retained Macquarie Capital for financial advising and Latham & Watkins LLP for legal counsel, while K&L Gates LLP served as legal counsel to Ørsted.
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