Offshore wind provider Ørsted has entered an agreement with global infrastructure investment manager I Squared Capital and management shareholders to acquire a 100% equity interest in onshore wind developer Lincoln Clean Energy LLC (LCE), according to a news release.
The deal gives U.S.-based LCE an enterprise value of $580 million.
The acquisition is in line with Ørsted’s plans to expand its position in offshore wind in existing and new markets as well as other renewable energy technologies in an effort to create more value for its shareholders. LCE’s portfolio includes 513MW recently commissioned, 300MW under construction, and more than 1.5GW of pipeline to be completed by 2022, the release stated.
Plans are for LCE’s existing management team to continue running the business, which will be a separate unit outside of Ørsted’s Wind Power business, according to the release. The transaction, which is subject to approval by the U.S. authorities, is expected to close by year-end 2018.