Danish company, Ørsted, has agreed to acquire 100 percent equity in Illinois-based Lincoln Clean Energy from I Squared Capital and management shareholders for an enterprise valuation of $580 million.
Founded in 2009 by CEO Declan Flanagan, LCE is an 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.
Henrik Poulsen, CEO of Ørsted A/S, said, “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. The acquisition of Lincoln Clean Energy will provide a strong growth platform in the US, which is one of Ørsted’s strategic growth markets.”
“The Lincoln team is excited to join Ørsted and to work toward our shared goal of creating a world that runs entirely on green energy. This transaction will enhance our project execution and growth trajectory,” said Flanagan
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.
The 2018 outlook for EBITDA and gross investments is further described in Ørsted’s interim financial report for first half of 2018.