A Canadian energy company invests in wind farms in the US

A Canadian energy company invests in wind farms in the US

Canadian company invests in wind farm

Enbridge Inc., a Calgary-based energy company has decided to invest in wind farms in the US. The company will have 80% interest in wind farms located in Texas and Indiana, collectively valued at $650 million USD and a combined capacity of 505MW; enough electricity for 120k homes.
The original owner, E.ON, a German power and gas company, will retain the remaining 20% stake in the wind farms, and had made the sale to Enbridge due to financial troubles. The company is over €30 billion in debt, and needs money for other important strategic investments. Although the CEO of E.ON, Eckhard Rummler, released the following statement about the deal:
“Thanks to our excellent project portfolio and our capabilities there is a vital demand in the market for assets built and operated by E.ON. We are happy to have found a reliable partner in Enbridge, who shares our approach of combining high class assets and safe operations.”
Senior Vice-President of Corporate Development for Enbridge, Vern Yu said:
“This strategic investment provides a significant contribution to our growth targets in power generation.”
The transaction extends our renewable platform in the U.S., complementing our existing wind farm presence in Texas and establishing Enbridge in the Indiana renewable market. E.ON is a global leader in renewables and we welcome the partnership with a company that is a safe, reliable and proven asset operator.”
Enbridge has spent over $3 billion investing in renewables in the last 5 years, and according to their release, is on track to “generating a kilowatt hour of renewable energy for every additional kilowatt of energy consumed by its Liquids Pipelines business”.
Interesting but not surprising goal for the world’s largest pipeline company. At least this wind farm is a step in the right direction!

Posted By Sally on November 29, 2014 | 0 Comment

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