Ørsted Completes LCE Acquisition, Creates Onshore Wind Biz

0

Ørsted has completed its acquisition of a 100% equity interest in Lincoln Clean Energy LLC (LCE) from I Squared Capital.

U.S.-based LCE is a wind farm developer, owner and operator that has built over 500 MW of operating capacity since 2015.

As a result of the $580 million transaction, Ørsted (formerly DONG Energy) will create a new onshore wind business unit, which will be reported as a separate segment. From the outset, LCE will be the only activity in onshore wind, says Ørsted. Ole Kjems Sørensen, executive vice president and member of Ørsted’s executive committee, has been appointed to lead onshore wind. In addition, he will continue to lead Ørsted’s corporate development and M&A activities.

Furthermore, Ørsted is changing the names of its existing business units to offshore wind (formerly wind power), bioenergy (formerly bioenergy and thermal power) and customer solutions (formerly distribution and customer solutions).

Leave a Comment

avatar
  Subscribe  
Notify of