Téa Spellacy

Project Manager

Ørsted–ECP U.S. Solar & Storage Divestment - Solar and Battery Storage Project
Ørsted–ECP U.S. Solar & Storage Divestment

Ørsted–ECP U.S. Solar & Storage Divestment

In December 2024, Ørsted announced the successful divestment of a 50% equity interest in three utility-scale solar and battery storage projects to Energy Capital Partners (ECP). The deal included:

  • Mockingbird Solar: 468 MW in Texas
  • Sparta Solar: 250 MW in Texas
  • Eleven Mile Solar Center: 300 MW solar + 300 MW/1,200 MWh battery in Arizona

All projects reached commercial operation in 2024 and are backed by long-term offtake agreements and tax equity financing. This strategic transaction supports Ørsted's capital recycling strategy while maintaining operational involvement in key assets.

Project Details

Portfolio Overview

  • Total Solar Capacity: 1,018 MW
  • Battery Storage: 300 MW/1,200 MWh
  • Geographic Spread: Texas and Arizona
  • Transaction Type: 50% equity interest divestment
  • Status: All projects operational in 2024
  • Backing: Long-term offtake agreements and tax equity financing

Strategic Significance

  • Supports Ørsted's capital recycling strategy
  • Maintains operational involvement in key assets
  • Strengthens partnership with ECP
  • Demonstrates value of integrated solar and storage solutions

My Role: Lead Project Manager

As Ørsted's key account lead at DNV, I served as Lead Project Manager for this transaction, coordinating all scopes of technical due diligence for the three-asset portfolio.

Key Responsibilities

Client Continuity & Relationship Management

  • Built strong rapport through repeated engagements
  • Ensured consistency in scope approach
  • Maintained high-quality reporting standards
  • Fostered long-term client trust

Full-Scope Oversight

  • Led multiple subject matter experts
  • Coordinated across technical disciplines:
    • Civil, electrical, and structural engineering
    • Environmental and permitting
    • Solar PV and battery storage technology
  • Ensured comprehensive evaluation

Timeline & Scope Management

  • Managed tight project timelines
  • Handled scope complexity
  • Maintained clear client alignment
  • Ensured timely delivery

Post-Transaction Support

  • Addressed buyer questions
  • Provided technical clarifications
  • Supported transaction completion
  • Ensured smooth transition

Key Outcomes

Client Relations

  • Trusted Partnership: Ørsted continues to return to DNV for repeat work
  • Consistent Delivery: Built strong track record of successful engagements
  • Value Recognition: Established as trusted technical advisor
  • Long-term Relationship: Developed ongoing client partnership

Project Success

  • Seamless Execution: Delivered high-quality technical diligence under pressure
  • Technical Excellence: Maintained rigorous standards throughout
  • Client Alignment: Ensured outputs met client needs
  • Commercial Impact: Supported successful divestment to ECP

Industry Impact

  • Transaction Success: Facilitated one of the largest energy transition deals
  • Technical Leadership: Demonstrated expertise in solar and storage
  • Market Confidence: Strengthened investor trust in renewable assets
  • Sector Advancement: Contributed to industry best practices

Lessons Learned

  1. Client Relationships: Long-term partnerships are built on consistent, high-quality delivery
  2. Technical Integration: Success requires seamless coordination across disciplines
  3. Timeline Management: Effective planning is crucial for complex transactions
  4. Post-Transaction Value: Ongoing support is essential for deal success

Looking Forward

This transaction demonstrates:

  • The growing importance of solar and storage integration
  • The value of technical expertise in complex transactions
  • The potential for strategic partnerships in renewable energy
  • The importance of comprehensive due diligence

Further Reading