Orsted Jumps on Move Into Onshore Wind With U.S. Acquisition (1)

Orsted A/S jumped the most in three months after the biggest offshore wind farm developer accelerated its expansion into land-based generators with the acquisition of a U.S. onshore wind company.

The former national utility of Denmark is paying $580 million for Lincoln Clean Energy LLC in Chicago, Orsted said in a statement. The company affirmed its full-year earnings target as it posted second-quarter results that beat analysts’ estimates.

Lincoln Clean Energy’s portfolio includes 513 megawatts of operating projects and 300 megawatts under construction. It also has a 1.5-gigawatt project pipeline that’s planned to be completed by 2022. Orsted already operates ...