The US-based renewable energy company, Lincoln Clean Energy, has acquired Coronal Energy’s development business.
The Coronal Energy is a US-based developer of utility-scale solar and energy storage projects. Lincoln Energy is a subsidiary of Denmark’s largest energy company, Ørsted.
“I am delighted to welcome the Coronal team to LCE and the wider Ørsted family,” remarked Declan Flanagan, CEO at Lincoln Clean Energy, CleanTechnica reported.
“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.”
The deal will see Lincoln Clean Energy acquire a pipeline of solar and energy storage projects, some of which have already been awarded Power Purchase Agreements (PPAs).
“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,” commented Jonathan Jaffrey, Founder and CEO of Coronal Energy.
The deal contributes to Ørsted’s expansion across the US renewables market. The firm acquired Lincoln Clean Energy in August 2018.