I Squared acquires power project developer Lincoln Clean Energy

I Squared Capital said Jan. 12 that through its ISQ Global Infrastructure Fund, it has acquired Lincoln Clean Energy, 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 what I Squared calls “a robust development pipeline.” Chicago-based Lincoln Clean Energy 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 MW 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. 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% investment tax credit for solar energy and the 2.3-cent-per-kilowatt-hour production tax credit for wind power, I Squared said.

“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.”

Flanagan, the 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.”

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. It has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.

I Squared didn’t any identify any specific LinColn Clean Energy projects in development. Recent news for company projects includes:

  • The Texas Commission on Environmental Quality said in December that it is nearing a final air permit decision on an application by Rockwood Energy Center LLC for a plant of up to 1,127 MW in size. The plant would operate in combined cycle mode and consist of two turbines each with duct burners, both fired on natural gas, and a heat recovery steam generator (CTG/HRSG). The applicant has proposed six potential turbine models – made by General ElectricMitsubishi and Siemens – with different duct burner maximum heat input rates for each option. The nominal output of the plant ranges from 748 MW to 1,127 MW, depending on the final turbine selection. A project contact is: Rockwood Energy Center LLC, Jason Tundermann, Development Director, (303) 755-2358. The project appears on the website of Lincoln Clean Energy.
  • Electric Transmission Texas LLC filed with the Public Utility Commission of Texas in November its Amendment No. 1 to the ERCOT Standard Generation Interconnection Agreement, dated May 1, with Electra Wind LLC for a 360-MW project. Electra Wind’s Digby Substation will be located in Wilbarger County approximately two miles south of Oklaunion, Texas. This wind farm will have a nominal 360-MW capacity, made up of 180 General Electric wind turbines at 2 MW each. Project contact information is: Electra Wind LLC, Attn: Neil O’ Donovan, 401 N. Michigan Avenue, Suite 501, Chicago, IL 60611, phone 602-321-6878, nodonovan@lincolnclean.com. That is contact information for Lincoln Clean Energy.
  • The Texas Commission on Environmental Quality said in a September notice that it intends to approve an application by Shawnee Energy Center LLC for an air permit that would authorize construction of the roughly 900-MW Shawnee Energy Center near Abbott in Hill County, Texas. Shawnee Energy Center LLC proposes to construct four new natural gas-fired combustion turbine generators (CTGs). The CTGs will be either the Siemens SGT6-500F model or the General Electric 7FA.05TP model, operating as peaking units in simple cycle. The project appears on the website of Lincoln Clean Energy. A project contact listed by the TCEQ is: Shawnee Energy Center LLC, Jason Tundermann, VP Development, (303) 755-2358.

There are four in-development power projects listed on the Lincoln Clean Energy website. Those are the three just mentioned, plus the Nazareth Solar Project, a 260 MW (dc) facility in Swisher County, Texas. 

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.