August 9, 2018 / 6:54 AM / 6 months ago

UPDATE 1-Orsted to buy U.S wind farm developer Lincoln Clean Energy for $580 mln

(Adds details)

COPENHAGEN, Aug 9 (Reuters) - Denmark's Orsted said it would buy U.S. onshore wind farm developer Lincoln Clean Energy (LCE) in a $580 million deal to support its development in what it sees as a key growth market.

Orsted, which so far mainly has developed offshore wind farms in Europe, said that the global market for onshore wind power is expected to grow significantly in the coming years, and that the United States is a leading onshore wind market.

"The acquisition of LCE will provide a strong growth platform in the US, which is one of Orsted’s strategic growth markets," the company said.

Focused on wind and solar power, LCE has developed projects in Texas, California and New Jersey. Orsted is buying the business from investment manager I Squared Capital.

The Danish company also posted second quarter core profit (EBITDA) roughly in line with analysts' expectations.

It also said it expected its full-year EBITDA towards the upper end of its previously guided range of between 12.5 and 13.5 billion Danish crowns ($1.95-2.10 billion).

Orsted also said it now considered it likely it would divest 50 percent of its Hornsea 1 project in the British part of the North Sea this year.

"Should the divestment materialise in H2 2018, EBITDA, including new partnerships, is expected to be significantly higher than the DKK 22.5 billion achieved in 2017," it said.

$1 = 6.4182 Danish crowns Reporting by Teis Jensen; editing by Emelia Sithole-Matarise/Keith Weir

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below