M&A Deal Summary

Ørsted Acquires Lincoln Clean Energy

On August 9, 2018, Ørsted acquired renewable energy company Lincoln Clean Energy from I Squared Capital for 580M USD

Acquisition Highlights
  • This is Ørsted’s 2nd transaction in the Renewable Energy sector.
  • This is Ørsted’s largest (disclosed) transaction.
  • This is Ørsted’s 2nd transaction in the United States.
  • This is Ørsted’s 1st transaction in Illinois.

M&A Deal Summary
Date 2018-08-09
Target Lincoln Clean Energy
Sector Renewable Energy
Buyer(s) Ørsted
Sellers(s) I Squared Capital
Deal Type Add-on Acquisition
Deal Value 580M USD

Target

Lincoln Clean Energy

Chicago, Illinois, United States
Lincoln Clean Energy LLC is a U.S.-based developer, owner and operator of wind farms. LCE has developed over 1.8 GW of renewable power projects in California, New Jersey and Texas. In 2017, LCE was the largest non-utility wind developer in the U.S

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Buyer(S) 1

Buyer

Ørsted

Fredericia, Denmark
Category Company
Founded 2006
Sector Renewable Energy
DESCRIPTION

Ørsted is a developer of offshore wind farms, Ørsted has installed 5.1 GW offshore wind capacity in Europe and has a further 3.8 GW under construction. It is Ørsted’s ambition to have installed a total offshore wind capacity of 11-12 GW worldwide by 2025. Ørsted entered the U.S. in 2015 and sees the U.S. renewables market as an attractive, strategic growth opportunity. Ørsted holds the right to develop Bay State Wind and Ocean Wind, in total up to 4 GW of potential offshore wind capacity.

DEAL STATS #
Overall 2 of 4
Sector (Renewable Energy) 2 of 4
Type (Add-on Acquisition) 2 of 2
State (Illinois) 1 of 1
Country (United States) 2 of 4
Year (2018) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Ørsted - South Fork Revolution Wind and two New England offshore wind lease areas

Massachusetts, United States

Ørsted - South Fork, Revolution Wind, and two New England offshore wind lease areas include the following New England offshore wind projects: Revolution Wind (704MW) which will deliver power to Rhode Island (400MW) and Connecticut (304MW). The Revolution Wind lease area is located approx. 15 miles south of the Rhode Island coast. South Fork (approx 130MW): Located 35 miles east of Long Island, South Fork will interconnect into eastern Long Island where it will deliver power to households under a long-term power purchase agreement with the Long Island Power Authority. Two undeveloped New England lease areas, Massachusetts North and Massachusetts South, which can potentially be developed into significantly above 1GW offshore wind capacity.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-08 Deepwater Wind

Providence, Rhode Island, United States

Deepwater Wind is an offshore wind and transmission developer. Deepwater Wind delivers Block Island, the offshore wind farm in the US and has built-up a portfolio of 810MW of development stage assets with long-term revenue contracts awarded, with a further approx. 2.5GW potential capacity. Deepwater Wind was founded in 2007 and is based in Providence, Rhode Island.

Buy $510M

Seller(S) 1

SELLER

I Squared Capital

Investor Investor Investor

Category Infrastructure
Founded 2012
Size Small
Type Sector Focused
DESCRIPTION

I Squared Capital is a global infrastructure investment manager focusing on energy, utilities, and transportation assets in North America, Europe, and select high growth economies. I Squared Capital was established in 2012 and is headquartered in New York City.

DEAL STATS #
Overall 2 of 6
Sector (Renewable Energy) 1 of 2
Type (Add-on Acquisition) 2 of 5
State (Illinois) 1 of 1
Country (United States) 1 of 3
Year (2018) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-07 TIP

Amsterdam, Netherlands

TIP is specializes in trailer leasing, rental, maintenance and repair, as well as other value-added services and provide these to transportation and logistics customers across Europe and Canada. TIP was founded in 1968 and is based in Amsterdam, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-12 Órigo Energia

São Paulo, Brazil

Órigo Energia is a Brazilian downstream solar company that sells, engineers, and operates PV (photovoltaic) systems in the commercial B3 (low voltage) customer segment. Órigo Energia was founded in 2010 and is based in São Paulo, Brazil.

Buy -
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