Enbridge Inc. has signed a deal for the Canada Pension Plan Investment Board to buy 49 per cent of the pipeline company鈥檚 interests in a group renewable power assets for $1.75 billion.
Enbridge says the agreement will see the creation of a joint venture that includes all its Canadian renewable power assets, as well as the Cedar Point Wind Farm in Colorado and the Silver State North Solar Project in Nevada.
The deal also includes Enbridge鈥檚 interests in two German offshore wind projects.
Enbridge says it will keep its interests in certain other U.S. renewable power assets.
Under agreement, CPPIB has agreed to fund its share of the remaining costs to complete the German offshore wind projects, estimated at about $500 million, bringing the pension fund鈥檚 total commitment to about $2.25 billion.
Enbridge and CPPIB have also signed a deal to form a 50-50 joint venture to pursue future European offshore wind projects.
Related:
Related:
Companies in this story: (TSX:ENB)
The Canadian Press
Like us on and follow us on .
