trending Market Intelligence /marketintelligence/en/news-insights/trending/0if2fd4gefdec7-t6xfgzq2 content esgSubNav
In This List

Ørsted signs 500 MW of wind, solar contracts with Exxon Mobil in Texas


Managed Services Insights: The client lifecycle management solution


Global M&A By the Numbers: Q1 2024

Case Study

An International Logistics Company Streamlines Transfer Pricing for Its Extensive Network of Subsidiaries


Next in Tech | Episode 168: AI Data Strategies

Ørsted signs 500 MW of wind, solar contracts with Exxon Mobil in Texas

Lincoln Clean Energy LLC signed long-term power contracts with U.S. oil major Exxon Mobil Corp. for 500 MW of wind and solar energy in Texas.

The Ørsted A/S subsidiary will supply 250 MW from the Sage Draw wind farm in Lynn County, Texas, and 250 MW from the Permian solar farm under two separate 12-year agreements. Financial details of the agreements were not disclosed.

The projects are located in the Permian Basin, where power demand is likely to triple by 2022, according to Bloomberg News.

The planned 300-MW Sage Draw wind project is expected to enter operation in the first quarter of 2020, while proposed 350-MW Permian solar facility is scheduled to commence operation in the second quarter of 2021, Denmark-based power producer Ørsted said in a Nov. 28 investor presentation.

Ørsted said in the presentation that there is potential for further additions of solar to its portfolio but the portfolio will remain largely wind focused. The Danish company, which closed its $580 million acquisition of the U.S. wind energy developer Lincoln Clean Energy from private equity firm I Squared Capital in October, previously indicated that it has no plans to expand into solar PV anytime soon.