Ørsted Officially Back on Land

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

With the acquisition of the US-based developer, owner and operator of onshore wind farms, Ørsted will create the Onshore Wind business unit, which will be reported as a separate segment and with LCE initially the only activity.

The Danish company is changing the name of its existing Wind Power unit to Offshore Wind, in addition to renaming Bioenergy & Thermal Power to Bioenergy and Distribution & Customer Solutions to Customer Solutions.

Ole Kjems Sørensen, Executive Vice President and member of Ørsted’s Executive Committee, will lead the new unit, as well as continue managing Corporate Development and M&A activities.

To remind, Ørsted announced in August that it had entered into an agreement to acquire LCE with an enterprise valuation amounting to USD 580 million.

LCE’s portfolio includes 513MW of commissioned projects, 300MW under construction and more than 1.5GW to be completed by 2022.

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