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Ørsted to buy US onshore wind developer

Ørsted to buy US onshore wind developer

Business news |
By Nick Flaherty



LCE owns, develops and operates a portfolio of 513MW recently commissioned wind farms with 300MW under construction and more than 1.5GW in the pipeline to be completed by 2022.

Ørsted, the €8bn company which changed its name from Danish Oil and Natural Gas (DONG) Energy last year, is the world leader in offshore wind power  Back in February it announced that it may invest in other renewable energy technologies to reinforce its position in renewable energy, including solar and battery systems, and last year established an office in Austin, Texas, to lead those efforts.

“The global market for onshore wind power is expected to grow significantly in the coming years, and the US is a leading onshore wind market,” said Henrik Poulsen, CEO of Ørsted. “The acquisition of Lincoln Clean Energy will provide a strong growth platform in the US, which is one of Ørsted’s strategic growth markets. It is an investment case with healthy economics based on prudent assumptions about key value drivers and market developments.”

LCE’s existing management team will continue to run the business which will be a separate unit outside of Ørsted’s Wind Power business. The deal is expected to close before the end of 2018.

www.orsted.com

 

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