HA Sustainable Infrastructure Capital, Inc. (HASI) and global clean energy developer Ørsted have finalized a series of land transactions encompassing approximately 6,600 acres across three major solar and storage projects in Arizona, Texas, and Alabama.
The transactions cover the land footprint for Ørsted’s Eleven Mile Solar Center in Pinal County, Arizona; the Sparta Solar project in Bee County, Texas; and the Muscle Shoals Solar project in Colbert County, Alabama. Combined, the three operational solar and battery storage facilities represent approximately 1GW of renewable energy generation capacity.
Under the terms of the agreement, Ørsted and its partners will retain ownership and operational management of the power assets, which are backed by long-term, investment-grade power purchase agreements (PPAs). The arrangement allows Ørsted to monetize the underlying real estate assets to optimize its capital structure while continuing utility-scale power operations.
The transaction highlights HASI’s aggressive expansion into energy-related real estate finance. The firm has provided land financing across 6GW of solar and storage projects over the past year, expanding its cumulative land investment portfolio to more than 24GW.
James Giamarino, Chief Commercial Officer at Ørsted Americas, noted the capital efficiency advantages of the deal, stating: “By partnering with HASI, a leading sustainable infrastructure investor, we’re able to optimize our capital position for future investment, while continuing to deliver energy to our customers across Arizona, Texas, and Alabama.”
Manny Haile-Mariam, Co-Chief Investment Officer at HASI, welcomed the partnership, adding: “We are pleased to partner with Ørsted by providing long-term land financing under several of their operational solar projects. Our expertise in energy markets and financial structuring allows us to offer competitive land financing products that deliver optimal outcomes for our clients and their projects.”
