Ørsted to buy US wind farm developer for $580m

The deal, subject to approval by competition authorities, is expected to close before the end of 2018

By Priyanka Shrestha

Danish energy company Ørsted has agreed to buy an onshore wind farm developer in the US for $580 million (£450m).

Lincoln Clean Energy (LCE) has a portfolio of 513MW that has recently been commissioned, 300MW under construction and more than 1.5GW of projects to be completed by 2022.

The acquisition is Ørsted’s latest move towards becoming an entirely green energy company.

CEO Henrik Poulsen 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 s strong growth platform in the US, which is one of Ørsted’s strategic growth markets. It is an investment case with healthy economics based on prudent assumptions about key value drivers and market developments.”

The transaction is subject to approval by the US competition authorities and is expected to close before the end of 2018.