Danish renewable energy firm Orsted has agreed to acquire US onshore wind developer Lincoln Clean Energy.
The deal values Lincoln at $580 million.
Lincoln has a portfolio of 513MW recently commissioned, 300MW under construction, and more than 1.5GW of pipeline to be completed by 2022.
Orsted chief executive 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 a strong growth platform in the US, which is one of Orsted’s strategic growth markets. It is an investment case with healthy economics based on prudent assumptions about key value drivers and market developments.”
Lincoln’s existing management team will continue to run the business, which will be a separate unit outside Orsted’s wind power business.
The transaction is subject to approval by the US competition authorities and is expected to close prior to the end of 2018.
Orsted, formerly Dong Energy, also published its first half results today, which showed a 12% rise in pre-tax profits to £592 million, on revenues of £4.6 billion.