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Lincoln Clean Energy Expands Solar and Energy Storage Capabilities with Acquisition of Coronal Energy’s Development Business

May 1, 2019

CHICAGO--(BUSINESS WIRE)--May 1, 2019--Lincoln Clean Energy (LCE), a subsidiary of Ørsted and a leading developer of U.S. renewables, announced today that it has acquired the development business of Coronal Energy, a developer focused on utility-scale solar and energy storage projects. The acquisition includes its development team of experienced solar and storage personnel, as well as a significant pipeline of solar and storage projects in the United States, including multiple projects that have been awarded long-term power purchase agreements (PPAs) with credit-worthy utility counterparties.

LCE CEO Declan Flanagan said, “I am delighted to welcome the Coronal development team to LCE and the wider Ørsted family. This experienced team complements our U.S. development platform, greatly enhances our presence in solar and storage, and brings important 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 is one of the most dynamic and experienced renewable teams in the industry,” said Jonathan Jaffrey, founder and CEO of Coronal Energy.

About Ørsted

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore wind farms, bioenergy plants and innovative waste-to-energy solutions and provides smart energy products to its customers. Headquartered in Denmark, Ørsted employs 6,200 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2018, the group’s revenue was DKK 76.9 billion (EUR 10.7 billion). For more information on Ørsted, visit: orsted.com/ or follow us on Facebook, LinkedIn, Instagram and Twitter.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190501005550/en/

CONTACT: Media Contact (U.S.):

Wendy Prabhu

Mercom Communications for Lincoln Clean Energy

(512) 215-4452

lce@mercomcapital.comMedia Contact (International):

Ulrik Frøhlke

Lead Media Advisor, Ørsted

+45 99 55 95 60

ulrfr@orsted.dk

KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS

INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY UTILITIES

SOURCE: Lincoln Clean Energy

Copyright Business Wire 2019.

PUB: 05/01/2019 07:58 AM/DISC: 05/01/2019 07:58 AM

http://www.businesswire.com/news/home/20190501005550/en