Enbridge Inc (TSE:ENB) has closed several transactions that allowed it to monetise CAD 1.75 billion (USD 1.34bn/EUR 1.16bn) worth of renewable energy assets.
Enbridge has also sold its ownership interests in certain natural gas gathering and processing businesses in the US and Canada, which allowed it to achieve nearly CAD 7.5 billion in total asset monetisations.
As previously announced, the Canada-based energy infrastructure company agreed to sell 49% in select North American onshore renewable power assets to Canada Pension Plan Investment Board (CPPIB). This has been done through the contribution of Enbridge’s entire Canadian renewable power portfolio plus two operational US plants -- the 252.3-MW Cedar Point wind farm in Colorado and the 52-MW Silver State North solar project in Nevada -- to a new joint venture (JV) with CPPIB. These wind and solar assets in North America have a combined capacity of 1.3 GW.
Enbridge Income Fund Holdings Inc (TSE:ENF) in a separate statement confirmed the completion of the transaction that involves the Canadian assets held by it, saying that it received about CAD 1.05 billion in cash. The fund will retain a 51% stake in the Canadian renewables portfolio.
"The proceeds will provide us with significantly enhanced financial flexibility and will provide further assurance that we achieve our targeted credit metrics by the end of 2018," said ENF president Perry Schuldhaus.
Enbridge has also sold minority stakes in the 497-MW Hohe See offshore wind project in Germany and its expansion. Construction of Hohe See is already in progress, while work on the neighbouring 112-MW Albatros wind farm is to start in September, German utility EnBW Energie Baden-Wuerttemberg AG (ETR:EBK), which holds 50.1% in the projects, said recently.
Enbridge and CPPIB said previously they would form a 50/50 JV to pursue more offshore wind projects in Europe.
(CAD 1.0 = USD 0.768/EUR 0.660)
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