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Ørsted — M&A Activity 2018
Aug 9, 2018
3378_iss_2018-08-09_f0d6d1e2-6de9-433c-bddb-dc5352b61f05.pdf
M&A Activity
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Ørsted Kraftværksvej 53 Skærbæk DK-7000 Fredericia
www.orsted.com Company registration no. (CVR no.) 36 21 37 28
9 August 2018
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 5,700 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2017, the group's revenue was DKK 59.5 billion (EUR 8.0 billion). For more information on Ørsted, visit https://orsted.com/ or follow us on Facebook, LinkedIn, Instagram and Twitter.
LCE's existing management team will continue to run the business which will be a separate unit outside of Ørsted'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.
The 2018 outlook for EBITDA and aross investments is further described in Ørsted's interim financial report for first half of 2018.
About Lincoln Clean Energy
- LCE is a leading developer of US onshore wind projects with offices in Chicago, Illinois, and Austin, Texas.
- Founded in 2009 by CEO Declan Flanagan, LCE has developed over 1.8GW of renewable power projects in California, New Jersey and Texas. In 2017, LCE was the largest non-utility wind developer in the $US1$
- LCE owns a portfolio of 513MW recently commissioned wind and solar assets2 and 300MW under construction wind assets located primarily in Texas. All projects are fully contracted with long-term offtake agreements with high quality counterparties.
- LCE also owns more than 1.5GW of development projects spread across the wind-rich US markets of ERCOT, SPP and MISO.
About Ørsted in the US
Ørsted entered the US in 2015 and sees the US renewables market as an attractive, strategic growth opportunity.
- Ørsted holds the right to develop Bay State Wind and Ocean Wind, in total up to 4GW of potential offshore wind capacity.
- In Virginia, Ørsted will be constructing two 6MW wind turbines for phase one of Dominion Energy's Coastal Offshore Wind Project. The two companies have signed a memorandum of understanding giving Ørsted exclusive rights to discuss potential development of up to 2GW of offshore wind capacity.
<sup>1 Source: AWEA
<sup>2 The operating portfolio includes 10MW of solar PV.
. In addition, Ørsted is active in battery storage and solar development and last year established an office in Austin, Texas, to lead those efforts.
About Ørsted
As the world's leading developer of offshore wind farms, Ørsted has installed 5.1GW offshore wind capacity in Europe and has a further 3.8GW under construction. It is Ørsted's ambition to have installed a total offshore wind capacity of 11-12GW worldwide by 2025.
For further information
Media Relations
Tom Lehn-Christiansen +45 99 55 60 17 [email protected]
Investor Relations
Daniel Lerup +45 99 55 59 35 [email protected]