Lincoln Clean Energy Expands Solar and Energy Storage Capabilities with Acquisition of Coronal Energy’s Development Business

Acquisition includes development team and significant pipeline of US
solar and storage projects

CHICAGO–(BUSINESS WIRE)–Lincoln Clean Energy (LCE), a subsidiary of Ørsted and a leading
developer of U.S. renewables, announced today that it has acquired the
development business of Coronal Energy, a developer focused on
utility-scale solar and energy storage projects. The acquisition
includes its development team of experienced solar and storage
personnel, as well as a significant pipeline of solar and storage
projects in the United States, including multiple projects that have
been awarded long-term power purchase agreements (PPAs) with
credit-worthy utility counterparties.

LCE CEO Declan Flanagan said, “I am delighted to welcome the Coronal
development team to LCE and the wider Ørsted family. This experienced
team complements our U.S. 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.”

“Congratulations to Ørsted, LCE and the Coronal development team for
establishing what is one of the most dynamic and experienced renewable
teams in the industry,” said Jonathan Jaffrey, founder and CEO of
Coronal Energy.

About Ørsted

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
6,200 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted).
In 2018, the group’s revenue was DKK 76.9 billion (EUR 10.7 billion).
For more information on Ørsted, visit: orsted.com/ or follow us on
Facebook, LinkedIn, Instagram and Twitter.

Contacts

Media Contact (U.S.):
Wendy Prabhu
Mercom
Communications for Lincoln Clean Energy
(512) 215-4452
lce@mercomcapital.com

Media Contact (International):
Ulrik Frøhlke
Lead Media
Advisor, Ørsted
+45 99 55 95 60
ulrfr@orsted.dk

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