Enbridge to buy $282M stake in French offshore wind project
CBC News | Posted: May 10, 2016 2:03 PM | Last Updated: May 10, 2016
Calgary-based company to acquire 50% ownership of 1,428 MW project with 20-year purchasing deal
Enbridge says it will pay $282 million to participate in the development of three large-scale wind farms off the coast of France.
The Calgary-based company will acquire 50 per cent ownership of Eolien Maritime France SAS, which is building a total of 1,428 megawatts of generating capacity.
- Enbridge adds to wind holdings, invests $200M in West Virginia project
- Enbridge posts $378M in 4th-quarter profit
The other half of the wind farms will be owned by EDF Energies Nouvelles, a subsidiary of Paris-based Electricite de France SA.
Each of the three wind projects has been awarded a 20-year power purchase agreement with Electricite de France.
Enbridge is mostly known as a pipeline company but it's also co-owner of four operating onshore wind projects in North America in partnership with EDF Energies Nouvelles and has a minority stake in a 400 MW project off the coast of England.
The latest deal between Enbridge and EDF is expected to close on May 19.