Grid Scale, Offshore, Utility Scale

Ørsted to buy solar and storage developer, Coronal

Yesterday during an earnings call, Danish offshore wind giant Ørsted announced that it has entered into an agreement to acquire a subsidiary of US-based Coronal Energy a developer of large-scale solar and storage projects. Ørsted’s CEO and President Henrik Poulson said that Coronal is “a nationwide solar and storage developer with a significant pipeline of solar and storage projects” and that the acquisition will expand “our capability platform and exposure to new attractive regional markets.”

Ørsted acquired US-based Lincoln Clean Energy (LCE) last August to boost its business in the US as part of its long-term plan to diversify in other renewable energies and regions.

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.”

Also in the earnings call, Poulson reported that Ørsted’s “green share of generation” is at 80 percent, up from 68 percent in the last quarter.

“We remain very pleased with the operational and financial performance of the company as we continue to expand our position as a global leader in green energy,” he said.