Enbridge comnay logos on display at the company’s annual meeting in Calgary on May 12, 2016. Enbridge Inc. has signed a deal with the Canada Pension Plan Investment Board to sell 49 per cent of its interests in a group renewable power assets for $1.75 billion. THE CANADIAN PRESS/Jeff McIntosh

Enbridge and CPPIB sign $1.75B renewable power deal, create joint venture

Enbridge Inc. has signed a deal with the Canada Pension Plan Investment Board to sell 49 per cent of its interests in a group renewable power assets for $1.75 billion

Enbridge Inc. has signed a deal for the Canada Pension Plan Investment Board to buy 49 per cent of the pipeline company’s 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’s 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’s 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: Bitumen no worse than other crude, Ottawa says

Related: Enbridge to invest $1.7 billion in German utility’s North Sea wind farm

Companies in this story: (TSX:ENB)

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Nathan Cullen named Parliamentarian of the Year

Skeena-Bulkley Valley MP won the top-title Nov. 5

VIDEO: Taking to the skies to protect moose in the Cariboo Chilcotin

Conservation Officer Service doubles patrols to oversee moose harvest

New Coast Guard radar boosts marine traffic monitoring off B.C. coast

Six radar installations set up for Georgia Strait to Queen Charlotte Strait to Prince Rupert

Central Coast Regional District swears in new Board of Directors

There are three new faces representing our region and two returning directors

VIDEO: Black horse signals ‘sign of peace’ for Tsilhqot’in Nation

Justin Trudeau rides black horse provided by Cooper family

Trudeau offers to help Pacific islands face climate change impact

Prime Minister Justin Trudeau met with the leaders from the Pacific island nations on Saturday during the APEC Summit in Papua New Guinea

Price makes 36 saves as Habs edge Canucks 3-2

Late goal lifts Montreal past Vancouver

BC Minister of Agriculture loses stepson to accidental overdose

Lana Popham announces death of her 23-year-old stepson, Dan Sealey

Canadian military’s template for perfect recruits outdated: Vance

Gen. Jonathan Vance, the chief of defence staff says that the military has to change because the very nature of warfare is changing, particularly when it comes to cyber-warfare

‘Toxic’ chosen as the Word of the Year by Oxford Dictionaries

Other top contenders for 2018 include ‘gaslighting’ and ‘techlash’

RCMP bust illegal B.C. cannabis lab

Marijuana may be legal but altering it using chemicals violates the Cannabis Act

Canada defeats Germany 29-10 in repechage, moves step closer to Rugby World Cup

Hong Kong needs a bonus-point win over Canada — scoring four or more tries — while denying the Canadians a bonus point

Avalanche Canada in desperate need of funding

The organization provides avalanche forecasting for an area larger than the United Kingdom

Quesnel fed up with detour, urges Ottawa to speed up road repair

West Fraser Road has been on detour since spring 2018, with no plans to repair washout until 2020

Most Read