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

BIZ BEAT: Port Alberni pet stores going to the dogs

Animal Ark and Bosley’s add dog washing stations

Second fatal crash occurs in Alberni Valley

Traffic on Highway 4 is being re-routed as investigators are en route

Sproat Lake first responder ‘was a firefighter right until her passing’

Emergency personnel line Port Alberni street with honour guard for one of their own

Port Alberni RCMP officers bear sprayed by suspect

Officers bear sprayed while responding to scene of traffic accident

UPDATE: One confirmed dead in Port Alberni motor vehicle accident

Burde Street remains closed as RCMP’s collision analysis team investigates

TOTEM 64: Alberni’s basketball tournament celebrates history

Both Alberni District Secondary School teams placed third in Totem tournament

Razor burn: Gillette ad stirs online uproar

A Gillette ad for men invoking the #MeToo movement is sparking intense online backlash

Feds poised to bolster RCMP accountability with external watchdog

Long-anticipated move is the latest attempt at rebuilding the force following years of sagging morale

Canada needs a digital ID system, bankers association says

The Department of Finance last week officially launched its public consultation on the merits of open banking

Indigenous energy summit includes session on pipeline ownership options

Steven Saddleback of the Indian Resource Council says a session will feature presentations on financing models

Japanese grand champion Kisenosato retires from sumo

The 32-year-old Kisenosato was the first Japanese-born wrestler in 19 years to gain promotion to sumo’s highest rank

UPDATE: Accused B.C. high school killer found fit to stand trial

Gabriel Klein is accused in the 2016 stabbing death of Letisha Reimer at Abbotsford Senior Secondary

Right-wing, neo-Nazi, white supremacist groups an increasing concern: Goodale

Ten people died in April 2018 when Alek Minassian allegedly drove a rental van down the busy stretch in Toronto

Canadian stock exchanges to conduct lottery for ‘POT’ ticker amid high demand

The symbol became available after fertilizer Potash Corp. officially merged with Agrium Inc. in early 2018

Most Read