I Squared Capital Invests in Lincoln Clean Energy to Develop a Portfolio of Renewable Assets in North America
I Squared Capital, through its ISQ Global Infrastructure Fund, has
acquired Lincoln Clean Energy (Lincoln), a developer, owner, and
operator of wind and solar projects in North America. The transaction
includes an operating solar facility in southern New Jersey and
Lincoln’s development and asset management platforms, including a robust
development pipeline. Lincoln plans to deploy $250 million in equity
investments through 2018.
Founded in 2009, Lincoln has developed more than $1.5 billion of clean
energy projects totaling 1,000 megawatts across North America. The
company has assembled a team of veterans from the power industry. Declan
Flanagan, Founder and CEO, is the former CEO of Airtricity North
America. He went on to become CEO of E.ON Climate & Renewables following
the 2007 acquisition of Airtricity North America. Declan has led the
deployment of over $5 billion in capital in wind and solar projects in
the U.S. and Europe and is a former board member of both the American
Wind Energy Association and the Solar Energy Industry Association. The
Lincoln team includes 18 professionals with over 150 combined years of
experience in the renewable energy industry.
The wind and solar industries have received a regulatory boost in the
United States following the recent extension of the 30 percent
investment tax credit for solar energy and the
2.3-cent-per-kilowatt-hour production tax credit for wind power.
“This is an opportune time to invest in the renewable energy sector and
we are delighted to partner with Lincoln’s high caliber management team,
with its proven track record in the development and management of clean
energy projects.” said Adil Rahmathulla, Partner at I Squared Capital.
“Lincoln’s operational experience and track record, combined with I
Squared Capital funding and expertise, positions Lincoln to become a
premier renewables generation company in the U.S.”
Commenting on the transaction, Declan Flanagan, CEO of Lincoln Clean
Energy said “The Lincoln team is extremely excited to work with I
Squared Capital. This partnership allows us to enhance both execution
and value creation while we capitalize on the tremendous market
opportunity before us.”
About I Squared Capital
I Squared Capital is an independent global infrastructure investment
manager focusing on energy, utilities, and transport in North America,
Europe, and select high growth economies. The Firm has offices in New
York, Houston, London, New Delhi, Hong Kong and Singapore.
About Lincoln Clean Energy
Lincoln Clean Energy (LCE) is a leading developer of U.S. wind and solar
projects, based in Chicago. It has successfully developed clean energy
projects involving more than $1.5 billion in capital investment in some
of the largest U.S. electricity markets since 2011. LCE’s management
team’s combined leadership efforts have led to the construction of more
than 4,500 MW of clean energy in North America and Europe over the past
10 years.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160112005500/en/
Copyright Business Wire 2016
Source: Business Wire
(January 12, 2016 - 9:00 AM EST)
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