Ørsted to Acquire Lincoln Clean Energy from I Squared Capital
Ørsted entered into an agreement today with I Squared Capital and management shareholders to acquire a 100 percent equity interest in Lincoln Clean Energy LLC (LCE) for an enterprise valuation of USD 580 million.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180808005911/en/
LCE is a leading 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 MW of operating capacity, is constructing another 300 MW onshore wind project, and has a pipeline of more than 1.5 GW expected to be completed by 2022.
Ørsted is the world leader in offshore wind and in February 2018 announced plans to invest in other renewable energy technologies to reinforce its position in renewable energy.
Ole Kjems Sørensen, EVP at Ørsted and Head of Partnerships, M&A & Asset Management, says, “The U.S. is a leading market in renewable energy generation. We are delighted to announce this transaction, which will provide Ørsted with a strong growth platform in one of Ørsted’s strategic growth markets. With the acquisition of LCE, we acquire an attractive portfolio with a good mix of operating and development capacity. We have been impressed with the skills and ambition of the LCE team and we believe I Squared Capital has supported the business well in bringing it to its current market position. We look forward to working with LCE’s highly experienced and successful team in further developing this attractive business.”
Adil Rahmathulla, Partner of I Squared Capital, commented, “We are proud to have worked with Declan Flanagan and his outstanding team to build LCE into the largest non-utility owner of U.S. wind commissioned in 2017. We wish the team every continued success and congratulate Ørsted on the transaction.”
Declan Flanagan, founder and CEO of LCE, says, “I have long admired Ørsted for their leadership in offshore wind power. The team and I at LCE look forward to replicating that leadership in onshore wind in the U.S. I also want to thank I Squared Capital for their deep financial and operating expertise and commitment to LCE during what has been a period of rapid and successful growth.”
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 U.S. competition authorities and is expected to close prior to the end of 2018.
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecommunications and transport in the Americas, Europe and Asia. The firm has offices in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.
As the world’s leading developer of offshore wind farms, Ørsted has installed 5.1 GW offshore wind capacity in Europe and has a further 3.8 GW under construction. It is Ørsted’s ambition to have installed a total offshore wind capacity of 11-12 GW worldwide by 2025.
Ørsted entered the U.S. in 2015 and sees the U.S. renewables market as an attractive, strategic growth opportunity.
- Ørsted holds the right to develop Bay State Wind and Ocean Wind, in total up to 4 GW of potential offshore wind capacity.
- In Virginia, Ørsted will be constructing two 6 MW wind turbines for phase one of Dominion Energy’s Coastal Offshore Wind Project. The two companies have signed a memorandum of understanding giving Ørsted exclusive rights to discuss potential development of up to 2 GW of offshore wind capacity.
- In addition, Ørsted is active in battery storage and solar development and last year established a presence in Austin, Texas, to lead those efforts.
About Lincoln Clean Energy
- LCE is a leading developer of U.S. onshore wind projects with offices in Chicago, Illinois and Austin, Texas.
- Founded in 2009 by CEO Declan Flanagan, LCE has developed over 1.8 GW of renewable power projects in California, New Jersey and Texas. In 2017, LCE was the largest non-utility wind developer in the U.S.1
- LCE owns a portfolio of 513 MW recently commissioned wind and solar assets2 and 300 MW of under construction wind assets located primarily in Texas. All projects are fully contracted with long-term offtake agreements with high quality counterparties.
- LCE also owns more than 1.5 GW of development projects spread across the wind-rich U.S. markets of ERCOT, SPP and MISO.
1 Source: AWEA.
2 The operating portfolio includes 10 MW of solar PV.
Ørsted Media Relations
Tom Lehn-Christiansen, +45 99 55 60 17
I Squared Capital
Andreas Moon, +1 212-339-5339
Managing Director and Head of Investor Relations
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Manchester United Shoots for Success with a “Digital Experience Platform” Powered by HCL16.8.2018 19:02 | Pressemelding
Manchester United (NYSE:MANU) has today announced a major milestone on its digital transformation journey with HCL Technologies, with the successful launch of the Manchester United Official app powered by HCL’s digital experience platform. The launch is part of the ongoing digital transformation of the club to provide a real-time, engaging, personalized, and unified experience to Manchester United’s 659 million global followers, which supports the club’s strategy to become a Digital Sports Enterprise. At the heart of this transformation is the digital platform developed by HCL, providing the club with a single view of fans across web and app touchpoints, offering fans a one-stop shop for everything Manchester United. Manchester United’s Group Managing Director Richard Arnold comments: “This app will allow our 659 million Manchester United followers to easily connect to the club they love, wherever they are in the world. Fans will now have the opportunity to follow all Manchester United
4K 4Charity Fun Run Announces Open Registration for IBC201816.8.2018 17:41 | Pressemelding
AWS Elemental, an Amazon Web Services (AWS) company, today announced that the fifth annual 4K 4Charity Fun Run at IBC Show will take place at 7:00 a.m. local time on Saturday, Sept. 15 at Amstelpark in Amsterdam. Registration is open at https://4k4charity.com/ibc. Among the non-profits supported by the 4K 4Charity Fun Run at IBC Show is Amsterdam-based StichtingNewTechKids, which provides computer science education for girls, minorities, and economically challenged youth in the Netherlands. The organization supports a computer science teacher training program for primary school teachers with proceeds from 4K 4Charity. Also supported is Iridescent, a global education non-profit that empowers underrepresented young people to become innovators and leaders through engineering and technology. Through their two programs, Curiosity Machine AI Family Challenge and Technovation, Iridescent introduces underserved communities to new technologies and empowers and equips them to apply those technol
2018 D.I.C.E. Cannes Announced Round 3 Speakers16.8.2018 14:01 | Pressemelding
The Academy of Interactive Arts & Sciences’ D.I.C.E. Cannes event will take place 9-11 September 2018 at the Hotel Barrière Le Majestic Cannes in France. Leading video game executives will participate in the premier networking opportunities, listen to key speakers address the conference theme - Trailblazers - to tackle some of the industry’s biggest ideas and trends. Newly announced speakers include: Craig Duncan, Studio Head at Rare – Duncan will share his studio’s experience and learnings with “A Rare Voyage of Adventure.” Duncan will provide insight into Rare’s bold new IP Sea of Thieves, a game that has inspired friendships and players creating stories together. David Hubert, Animation and Cinematic Director at Eidos Montreal – In Hubert’s talk he will discuss how cinematics are redefining AAA story-driven games and how they will continue to shape the medium to push the envelope throughout the production process. Adam Orth – In a session titled “Digging for Fire: Virtual Reality 20
GN Hearing and Google Announce Partnership to Bring Direct Mobile Streaming from Android Devices to Hearing Aids16.8.2018 13:00 | Pressemelding
GN Hearing and Google have today announced a new technology partnership that will make GN Hearing the first manufacturer to enable a full spectrum of direct audio streaming from Android devices to hearing aids. The expectations are that direct streaming will become available to hearing aid users of the recently launched hearing aids ReSound LiNX Quattro™ and Beltone Amaze™ in a future Android release. “According to the World Health Organization, around 466 million people worldwide have disabling hearing loss. This number is expected to increase to 900 million people by the year 2050. Google is working with GN Hearing to create a new open specification for hearing aid streaming support on future versions of Android devices,” states Seang Chau, Vice President of Engineering at Google. Users will be able to connect and monitor their hearing aids, so they can get the full advantages of their Android devices without using an intermediate device for streaming to their hearing aids. This will
Zurich Expands Global Use of Guidewire InsurancePlatform with Selection of Guidewire Cyence Risk Analytics16.8.2018 12:55 | Pressemelding
Guidewire Software, Inc. (NYSE: GWRE), the provider of the industry platform Property and Casualty (P&C) insurers rely upon, today announced that Zurich Insurance Group (Zurich) has selected Guidewire Cyence™ Risk Analytics (Cyence) to leverage the cyber risk knowledge and insights the solution provides to help the company prospect, underwrite, and price risks. Zurich will roll out Cyence globally with an emphasis on enhanced analytics and intelligence for risk selection. Unprecedented technological advances of the 21st century have shifted the nature of risk across the P&C insurance industry. Ever-evolving cyber risks present unique challenges including limited availability of traditional actuarial data needed to model these risks. Cyence combines economic modeling, cybersecurity, machine learning and Internet scale data collection to help risk takers assess the financial impact of cyber risk. “After conducting a thorough search, we found that the capabilities of Guidewire Cyence Risk
Scientist.com Named One of America’s Ten Fastest-Growing Private Companies by Inc. Magazine16.8.2018 12:06 | Pressemelding
Scientist.com, the world’s leading marketplace for outsourced scientific services, today announced that it ranked no. 9 on Inc. magazine’s 2018 list of the 5,000 fastest-growing, privately owned companies in America. Scientist.com ranked no. 2 nationally in the Health category and no. 2 in the state of California. The San Diego-based company builds private marketplaces that connect life science research organizations with a global network of over 2,600 contract research organizations (CROs) and providers of scientific services. “Our mission is to empower and connect scientists worldwide and make it possible to cure all human diseases by 2050,” stated Kevin Lustig, Scientist.com’s CEO and Founder. “On Scientist.com, a single, highly trained scientist can run an entire drug discovery program from concept to clinic from his or her laptop without ever physically entering a laboratory.” The pharmaceutical industry spends about $150B a year on medical research and produces about 25 new medic