Infrastructure fund manager I Squared Capital has acquired developer Lincoln Clean Energy for an undisclosed amount to expand its North American renewable portfolio.
The acquisition was worth “several hundred millions of dollars”, according to a source familiar with the deal. The company attracted I-Squared’s attention due to its late-stage projects pipeline and senior management. The purchase was made through I Squared’s ISQ Global Infrastructure Fund, a $3 billion investment vehicle that closed last April.
I Squared cited investment and production tax credit extensions for solar and wind as an opportune time to invest in Lincoln.
Lincoln’s current portfolio has a 780-megawatt generating capacity from wind and solar assets in California, New Jersey and Texas. The company is planning to invest $250 million in projects up to 2018 and currently has over 2.5GW in its development pipeline, including solar and wind farms, and two natural gas facilities.
Since it launched in 2009, Lincoln has developed more than $1.5 billion of clean energy assets in North America generating 1GW. Chief executive Declan Flanagan leads the clean energy developer, after working as chief executive for the renewable arm of power firm E.ON.