Ørsted has entered into an agreement with I Squared Capital and management shareholders to acquire a 100 percent equity interest in Lincoln Clean Energy for $580 million.
Lincoln Clean Energy is a U.S.-based developer, owner and operator of wind farms. Since I Squared Capital acquired a 90 percent stake in the company in 2015, with the management team owning the remaining 10 percent, LCE has developed and built over 500 megawatts of operating capacity, is constructing another 300 megawatts onshore wind project, and has a pipeline of more than 1.5 gigawatts expected to be completed by 2022.
“The U.S. is a leading market in renewable energy generation,” said Ole Kjems Sørensen, EVP at Ørsted and head of partnerships, M&A and asset management. “We are delighted to announce this transaction, which will provide Ørsted with a strong growth platform in one of Ørsted’s strategic growth markets.”
The transaction is subject to approval by the U.S. competition authorities and is expected to close prior to the end of 2018.
