Lincoln Clean Energy becomes Ørsted

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Dec 16, 2019, 07:00 ET

COPENHAGEN, Denmark, Dec. 16, 2019 /PRNewswire/ -- In October 2018, Ørsted acquired Lincoln Clean Energy (LCE), a leading onshore developer with assets primarily in Texas. Over the past year, areas of the business have been systematically integrated to ensure an effective operating model capitalizing on the capabilities from both companies.

Since the acquisition, LCE has made significant progress, building its position as a multi-state developer with a strong portfolio of projects in operation, under construction and under development. The operational portfolio has doubled over the past year to 1GW and with 1.1GW currently under construction, it'll double again in 18 months.

Effective immediately, LCE will officially change its name to Ørsted and become part of the Ørsted organization. This rebrand, combined with the recent appointment of Declan Flanagan as CEO Onshore at Ørsted and member of Ørsted's Executive Committee, represents the growing global presence of the Ørsted business and the importance of activities in North America. Furthermore, Neil O'Donovan, COO Onshore and Vishal Kapadia, CFO Onshore have been appointed as Senior Vice Presidents and members of the Ørsted Management Team.

Henrik Poulsen, CEO of Ørsted, says:
"I'm very pleased with the growth of the LCE business over the past year. The team has accelerated project execution compared to what we initially expected, and the change of name signifies another step in the integration of both businesses, providing Ørsted with a strong platform in North America offering a wide range of clean energy technologies."

Declan Flanagan, CEO Onshore at Ørsted, says:
"The successful integration into Ørsted has been the result of lots of hard work across both teams. Neil and Vishal have both made huge contributions to our success to date and I'm delighted to see them appointed Senior Vice Presidents. As long-time colleagues and now Ørsted colleagues we're even better positioned to take advantage of the growing US market within onshore wind, solar PV and storage."

Ørsted's US business now operates approximately 1GW of onshore wind assets with a further 1.1GW of onshore wind, solar PV and storage under construction. In addition, Ørsted operates America's first offshore wind farm and has been awarded 2.9GW offshore wind capacity through six projects.

Today, Ørsted supplies more than 13 million homes with clean energy from its offshore and onshore wind farms and solar farms in operation. The ambition is to supply 50 million homes with clean energy by 2030.

For more information:

Media contact:
Ulrik Frøhlke
Lead Media Advisor, Ørsted
+45 99 55 95 60
[email protected]

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore and onshore wind farms, solar farms and energy storage facilities, bioenergy plants and provides energy products to its customers. Headquartered in Denmark, Ørsted employs 6,500 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2018, the group's revenue was DKK 76.9 billion (EUR 10.3 billion). For more information on Ørsted, visit orsted.com or follow us on Facebook, LinkedIn, Instagram and Twitter.

SOURCE Ørsted