U.S. renewables developer Lincoln Clean Energy (LCE), a subsidiary of Ørsted, has acquired the development business of Coronal Energy, a developer focused on utility-scale solar and energy storage projects, from Panasonic. 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.”
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).
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