Ørsted has entered into an agreement with Ares for the acquisition of the American onshore wind farm Lincoln Land Wind, located in the American state of Illinois, for an undisclosed sum. The Danish company announced this in a press release.
- I am pleased that we have acquired Lincoln Land Wind and expanded our presence in the United States. This transaction is another example of the successful execution of our strategy to supplement our solid organic growth with attractive acquisitions in new, exciting markets, says Vishal Kapadia, Senior Vice President and Chief Commercial Officer of Ørsted Onshore.
With the acquisition of the 302 MW wind farm, Ørsted Onshore enters the American electricity market MISO, which supplies 15 states in the Midwest and South.
Power already sold
The electricity production from Lincoln Land Wind has already been largely sold via two power purchase agreements with, respectively Meta (175 MW), formerly known as Facebook, and McDonald's Corporation (126 MW).
The power purchase agreements with McDonald's and Meta were entered into in 2020 and entered into force when Lincoln Land Wind was put into operation on 17 November this year. The agreements are long-term and secure electricity prices at a fixed price for the two companies.
- The project is of significant size, and the power purchase agreements with Meta and McDonald's are a great advantage. We look forward to helping both companies with their transformation journey, says Vishal Kapadia.
Ørsted Onshore has an ambition to reach a capacity of 17.5 GW by 2030 and aims to deliver approximately 1.5 GW of new capacity per year. With the acquisition of Lincoln Land Wind, Ørsted Onshore's total capacity in the US reaches over 4,200 MW in operation and under construction.
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