Ørsted has entered into an agreement with global infrastructure investment manager I Squared Capital and management shareholders to acquire a 100% equity interest in Lincoln Clean Energy (LCE), placing an enterprise valuation on LCE of USD 580 million.
LCE is a US based developer, owner and operator of onshore wind farms. LCE has a portfolio of 513MW recently commissioned, 300MW under construction, and more than 1.5GW of pipeline to be completed by 2022. 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 transaction is subject to approval by the US competition authorities and is expected to close prior to the end of 2018.