Ørsted’s Lincoln Clean Energy Acquires Coronal Energy’s Solar & Storage Development Business
Leading developer of US renewables Lincoln Clean Energy, a subsidiary of Danish offshore wind giant Ørsted, announced on Wednesday it had acquired the development business of Coronal Energy, a US-based developer focused on utility-scale solar and energy storage projects.
The acquisition will see Lincoln Clean Energy take on the company’s development team of experienced solar and storage personnel, as well as a significant pipeline of solar and storage projects in the United States, including several projects that have already been awarded long-term Power Purchase Agreements (PPAs) with credit-worthy utility counterparts.
“I am delighted to welcome the Coronal team to LCE and the wider Ørsted family,” said Declan Flanagan, CEO at Lincoln Clean Energy. “The highly experienced Coronal Energy development team complements our US development platform, greatly enhances our presence in solar and storage, and importantly brings new customer relationships through multiple long-term power purchase agreements both signed and in negotiation.”
“Congratulations to Ørsted, LCE and the Coronal development team for establishing what has to be recognized immediately as one of the most dynamic and experienced renewable teams in the industry,” added Jonathan Jaffrey, Founder and CEO of Coronal Energy.
Coronal Energy bills itself as being “powered by Panasonic” which “unites Panasonic’s lasting financial strength and award-winning history of solar innovation and sustainability leadership with the project development, finance, engineering, construction, and asset management experience of Coronal Energy.” This followed a 2014 strategic investment by Panasonic into Coronal Energy. The company has partnered with a number of utility companies in the United States in an effort to “build the clean, reliable grid of the future.”
This acquisition further develops Ørsted’s expansion into the United States renewable energy industry, following its acquisition of Lincoln Clean Energy which was announced in August of 2018 and completed in October.
“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,” explained Ørsted CEO Henrik Poulsen in August 2018. “The acquisition of Lincoln Clean Energy will provide a 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.”
Ørsted has also expanded its reach into the United States by partnering with New England’s largest energy company, Eversource, earlier this year to develop key offshore wind assets in the country’s Northeast — including the 704 megawatt (MW) Revolution Wind offshore wind project, which is set to deliver 400 MW to Rhode Island and 304 MW to Connecticut — and the development of the 130 MW South Fork offshore wind farm which will deliver power to Long Island. Eversource acquired a 50% stake in both projects. Further, the two companies will partner on two undeveloped New England lease areas, Massachusetts North and Massachusetts South, which have the potential to be developed to well above the 1 gigawatt (GW) mark.
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