May 1 (Renewables Now) - The development business of US solar and storage specialist Coronal Energy has been acquired by Lincoln Clean Energy (LCE), a unit of Danish energy company Ørsted A/S (CPH:ORSTED).
More specifically, the deal involves the development team and “a significant pipeline” of solar photovoltaic (PV) and energy storage projects in the US. Some of these come with strong, long-term power purchase agreements (PPAs) in place, the buyer said on Wednesday.
“This experienced team complements our US 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,” said LCE CEO Declan Flanagan.
Details of the transaction have not been disclosed.
Ørsted currently has 8,303 MW of renewable capacity, including 5,602 MW of offshore wind, 803 MW of onshore wind and just 10 MW of solar power. It expects to reach final investment decision (FID) this year on the 350-MW Permian solar photovoltaic (PV) complex in the US. The project has a long-term PPA with US oil and gas major ExxonMobil Corp (NYSE:XOM) for a portion of its output.