Business Wire

Ørsted to Acquire Lincoln Clean Energy from I Squared Capital

Del

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.

About Ørsted

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.

Contact information

Ørsted Media Relations
Tom Lehn-Christiansen, +45 99 55 60 17
tomlc@orsted.dk
or
I Squared Capital
Andreas Moon, +1 212-339-5339
Managing Director and Head of Investor Relations
andreas.moon@isquaredcapital.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(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

Hurricane Electric Becomes First Internet Backbone to Connect to 200 Internet Exchanges around the Globe13.12.2018 15:37Pressemelding

Hurricane Electric, the world’s largest IPv6-native Internet backbone, today announced that it is the first Internet backbone in the world to connect to over 200 unique Internet exchanges. As an early leader in the switch to IPv6, Hurricane Electric now connects to the largest number of networks on the planet for both IPv6 and IPv4 and has been at the forefront of providing high-speed Internet connectivity to organizations throughout the world using:100GE (100 Gigabit Ethernet), 10GE (10 Gigabit Ethernet), and GigE (1 Gigabit Ethernet) connections. As a result of the improved connectivity with these 200 exchanges, customers receive the benefit of lower latency, higher throughput and increased fault tolerance. This reliable connectivity is especially important as global IP traffic continues to increase – Cisco’s Visual Networking Index: Forecast and Trends, 2017–2022 predicts that annual global IP traffic will reach 4.8 zettabytes (ZB) per year by 2022, or 396 exabytes (EB) per month, t

The World's Largest Heritage and Culture Festival to Begin With the Slogan Janadria 33 Faithfulness and Loyalty13.12.2018 15:15Pressemelding

With the support and under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, the 33rd Edition of the National Festival of Heritage and Culture will be held in Janadria for 21 days from Thursday 20th December 2018 to Wednesday 9th January 2019. Organized by the Saudi Ministry of National Guard, the festival is part of the efforts to intensify attention to Saudi heritage, expose it regionally and globally and to promote dialogue among cultures and civilizations on the level of people and nations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181213005472/en/ The Custodian of the Two Holy Mosques King Salman bin Abdulaziz (Photo: AETOSWire) Janadria is the largest Saudi cultural festival that simulates the history, present and future of Saudi Arabia and the largest event of its kind in the region. Since 1985, it has witnessed extensive Saudi participation, a growing Arab and Gulf presence and an

PPG to Invest in Automated Dispense Cell Manufacturing for Automotive Parts and Accessories13.12.2018 14:32Pressemelding

PPG (NYSE: PPG) today announced that it is increasing its investment in automated dispense cell manufacturing of paint and related coatings for the automotive parts and accessories decorative (APAD) space. Financial details are not being disclosed. Dispense cell technology enables PPG to dramatically accelerate production and approval of paint batches for vehicle original equipment manufacturers (OEMs) and component suppliers. The technology allows coatings components to be automatically drawn from storage vats in the correct proportions and mixed directly in their shipping containers, vastly simplifying and increasing the efficiency of the coatings manufacturing process. PPG recently launched an APAD dispense cell operation at its San Juan del Rio, Mexico, coatings facility and will begin production on an additional cell in 2019 in Sriperumbudur, India. These cells are in addition to PPG’s recent APAD investments in Germany and Russia and the dispense cells already online at the Compa

Citi Announces Global, Mission-Led Partnership with the International Paralympic Committee13.12.2018 14:00Pressemelding

Citi today announced that it has entered into a partnership agreement with the International Paralympic Committee (IPC) to become an international partner through 2020 and to support National Paralympic Committees (NPCs) in 18 countries as they prepare for upcoming World and regional Championships, as well as the Tokyo 2020 Paralympic Games. The 18 National Paralympic Committees (NPCs) Citi will sponsor include: Australia, Chinese Taipei, Colombia, Costa Rica, Great Britain, Hong Kong, India, Indonesia, Ireland, Malaysia, Mexico, Nigeria, Philippines, Poland, Singapore, South Africa, Thailand, and the UAE. Citi serves clients through a local presence in each of these 18 NPC communities and will engage fans through integrated marketing campaigns and promotions to generate excitement and national pride around the extraordinary accomplishments of the countries’ Para athletes. Citi will also work to help support the day-to-day needs of individual NPCs. “Citi and the IPC are ideal partners

Transphorm Ships Over a Quarter of a Million GaN Power Devices, Reaffirms High Volume Scalability13.12.2018 14:00Pressemelding

Transphorm Inc.—the leader in the design and manufacturing of the highest reliability and first JEDEC- and AEC-Q101 qualified 650 V gallium nitride (GaN) semiconductors—disclosed that it has shipped more than 250 thousand high voltage GaN FETs. Used in customers’ mass production applications, the devices are manufactured by the company in its Aizu, Japan, wafer foundry. Transphorm also stated that its wafer-foundry’s annual installed capacity base of 15 million parts of its popular 50 mohm product equivalent can easily scale to address 2x to 5x the volume. Further, when demand warrants it, the technology and manufacturing process can be structured to scale from the current 6-inch to 8-inch or potentially higher wafers. “2018 has been a game-changing year for high voltage GaN,” said Primit Parikh, co-founder and COO, Transphorm. “More than 250 thousand 650 V GaN FETs from Transphorm are deployed in our customers’ mass production, high performance power converter and inverter products. T

Saudi Arabia’s Red Sea Project on Track13.12.2018 13:49Pressemelding

A delegation from the Red Sea Development Company, led by chief executive John Pagano, was received by King Salman bin Abdulaziz at Araqa Palace in Riyadh on Tuesday (December 11). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181213005406/en/ King Salman bin Abdulaziz of Saudi Arabia (centre) and Crown Prince Mohammed bin Salman with John Pagano, CEO of Red Sea Development Company. [Photo courtesy Saudi Press Agency (SPA)] Mr. Pagano made a visual presentation at the palace on the master plan of the Red Sea Project, underlining its economic and development goals and the project’s objective to become a global destination for luxury tourism. Crown Prince Mohammed bin Salman, Chairman of the company, was also present. Twenty-two islands on the Red Sea will be developed as part of the project that is expected to create an estimated 70,000 jobs. It will not just contribute SAR 22 billion to Saudi Arabia’s GDP, but play a major