Lincoln Clean Energy, a subsidiary of Ørsted, has acquired the development business of Coronal Energy, a Pasadena, Calif.-based power producer focused on utility-scale solar and storage projects. Coronal Energy, backed by Panasonic, owns and manages a 333-megawatt operating portfolio and a multi-gigawatt development pipeline in more than 20 U.S. states.
The acquisition includes Coronal Energy’s development team of solar and storage personnel, as well as the aforementioned pipeline of solar and storage projects in the U.S. The deal also includes multiple projects that have been awarded long-term power purchase agreements with credit-worthy utility counterparties.
The acquisition further develops Ørsted’s expansion in the U.S., following its acquisition of Deepwater Wind from D.E Shaw Group in a $510 million deal in October. “The global market for onshore wind power is expected to grow significantly in the coming years, and the U.S. is a leading onshore wind market,” stated Ørsted CEO Henrik Poulsen in August 2018 when it acquired Lincoln Clean Energy.