Mission Clean Energy announced a strategic investment from Ørsted.
The partnership marks a major milestone in Mission's development of utility-scale solar and battery energy storage projects across the United States.
“Ørsted’s investment is a strong validation of our disciplined approach to developing high-quality projects and partnering with best-in-class operators to bring them to market,” said Max Bakker, CEO of Mission Clean Energy.
The investment builds on an existing partnership between Ørsted and Mission to build out four standalone battery energy storage projects across the Midwest. This most recent investment of $55 million provides additional growth capital to expand Mission’s project pipeline, encompassing both solar and storage projects across the country. Ørsted will continue to evaluate the acquisition of select projects, providing the option to augment Ørsted’s development pipeline.
“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. “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.”
With this investment by Ørsted and continued support from Wafra, Mission is well-positioned to continue creating and advancing projects supporting growing energy demand from utilities, data centers, manufacturing facilities and other large-load sectors. Mission will continue to operate as an independent business led by its current management team. The financial terms of the agreement were not disclosed. Macquarie Capital served as Mission’s financial advisor and Latham & Watkins LLP provided legal counsel. K&L Gates LLP served as legal counsel to Ørsted.
