With the transaction well in place, it has now been decided to fully integrate LCE into Ørsted and to rebrand Lincoln Clean Energy to Ørsted Onshore.
To lead Ørsted Onshore, Declan Flanagan has been appointed Executive Vice President and member of Ørsted's Executive Committee. Declan Flanagan founded LCE in 2009 and has since then been CEO of the business. Before founding LCE, Declan was CEO of E.ON Climate and Renewables North America. Declan holds a Bachelor of Science in Environmental Science from the National University of Ireland Galway and an MBA from Kellogg School of Management, Northwestern University, USA.
Ole Kjems Sørensen, who as Executive Vice President has led the acquisition and the preparations for the full integration of Lincoln Clean Energy into Ørsted, has decided to accept a position outside of Ørsted and will consequently be leaving the company.
Ole Kjems Sørensen says:
"I've been very happy and proud to be part of Ørsted's green transformation for more than a decade. With the acquisition of Lincoln Clean Energy now successfully completed, it's a good time for me to try something new. I've therefore decided to leave Ørsted to pursue a different career opportunity."
Henrik Poulsen, CEO of Ørsted, says:
"We continue to see significant growth potential in the markets for onshore wind, solar PV and battery storage, and with the acquisition of Lincoln Clean Energy, now Ørsted Onshore, we have established a strong platform to tap into this potential. Our new EVP of Onshore, Declan Flanagan, brings more than a decade of successful hands-on business development experience in onshore renewables, and I'm very pleased to welcome Declan as member of Ørsted's Executive Committee. I would also like to thank Ole Kjems Sørensen for his strong and dedicated contribution to Ørsted for more than a decade, and to wish him the best of luck in his future endeavours."
About Ørsted Onshore
Ørsted's Onshore business unit is based in the USA and operates approximately 1GW of onshore wind farms and has a further 670MW of wind assets under construction in addition to the 420MWac of solar PV and 40MWac of storage that will be delivered by the Permian Energy Center, the most recently decided project in Ørsted's onshore portfolio.
About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore and onshore wind farms, solar farms and energy storage facilities, bioenergy plants and provides energy products to its customers. Headquartered in Denmark, Ørsted employs 6,500 people. Ørsted's shares are listed on Nasdaq Copenhagen (Ørsted). In 2018, the group's revenue was DKK 76.9 billion (EUR 10.3 billion). For more information on Ørsted, visit Ørsted.com or follow us on Facebook, LinkedIn, Instagram and Twitter.