Ørsted to buy Lincoln Clean Energy for $580mn
Danish energy company Ørsted has agreed to purchase US wind and solar company Lincoln Clean Energy for $580mn.
Lincoln Clean Energy develops, owns and operates clean power projects which a specific focus on wind and solar. In particular, the company owns a range of onshore wind farms in the US, and currently has a capacity of 513MW within its portfolio. By 2022, total capacity on Lincoln wind farms will reach 1.5GW.
Ørsted currently has a 25% global market share in offshore wind and is the leading energy supplier in the UK, with 5,800 employees globally. The firm started a journey to becoming an entirely ‘green’ energy company around 10 years ago.
Since then, Ørsted says it has reduced its use of coal by 73% and halved its CO2 emissions. It is currently converting its Danish coal-fired power stations to sustainable biomass, and hopes to be coal free by 2023.
Regarding the Lincoln Clean Energy purchase, Ørsted CEO Henrik Poulsen said: “The global market for onshore wind power is expected to grow significantly in the coming years and the US is a leading onshore wind market. The acquisition of Lincoln Clean Energy will provide a strong growth platform in the US, which is one of Ørsted’s strategic growth markets. It is an investment case with healthy economics based on prudent assumptions about key value drivers and market developments.”
All but two UK regions failing on school energy efficiency
Most schools are still "treading water" on implementing energy efficient technology, according to new analysis of Government data from eLight.
Yorkshire & the Humber and the North East are the only regions where schools have collectively reduced how much they spend on energy per pupil, cutting expenditure by 4.4% and 0.9% respectively. Every other region of England increased its average energy expenditure per pupil, with schools in Inner London doing so by as much as 23.5%.
According to The Carbon Trust, energy bills in UK schools amount to £543 million per year, with 50% of a school’s total electricity cost being lighting. If every school in the UK implemented any type of energy efficient technology, over £100 million could be saved each year.
Harvey Sinclair, CEO of eEnergy, eLight’s parent company, said the figures demonstrate an uncomfortable truth for the education sector – namely that most schools are still treading water on the implementation of energy efficient technology. Energy efficiency could make a huge difference to meeting net zero ambitions, but most schools are still lagging behind.
“The solutions exist, but they are not being deployed fast enough," he said. "For example, we’ve made great progress in upgrading schools to energy-efficient LED lighting, but with 80% of schools yet to make the switch, there’s an enormous opportunity to make a collective reduction in carbon footprint and save a lot of money on energy bills. Our model means the entire project is financed, doesn’t require any upfront expenditure, and repayments are more than covered by the energy savings made."
He said while it has worked with over 300 schools, most are still far too slow to commit. "We are urging them to act with greater urgency because climate change won’t wait, and the need for action gets more pressing every year. The education sector has an important part to play in that and pupils around the country expect their schools to do so – there is still a huge job to be done."
North Yorkshire County Council is benefiting from the Public Sector Decarbonisation Scheme, which has so far awarded nearly £1bn for energy efficiency and heat decarbonisation projects around the country, and Craven schools has reportedly made a successful £2m bid (click here).
The Department for Education has issued 13 tips for reducing energy and water use in schools.