Enbridge, a Canadian energy company, has acquired 50% ownership in a 497MW offshore wind farm located in Germany, with the remaining half retained by Germany’s EnBW.
The Hoho See offshore wind farm project is located in the North Sea, 98km from the coast of Germany and will be operational by late 2019. Enbridge’s investment will be $1.7 billion (EUR1.07 billion).
Enbridge President and CEO Al Monaco said:
“Offshore wind presents promising large-scale opportunities to increase Enbridge’s presence in the renewable power business and is one of our key platforms in the growth of our enterprise going forward,”
“We like this business, and this project in particular, as it is supported by strong commercial underpinnings and provides attractive returns that are consistent with our investor value proposition.
“This partnership also provides an option for further future investment in a planned 112-MW expansion of the offshore wind farm, providing Enbridge with an additional organic growth opportunity within the European offshore wind market,”
“EnBW is an excellent partner and leader in German power generation and offshore wind development and we look forward to working together to execute on this project and potential future opportunities.
“This project represents an attractive opportunity for Enbridge to extend growth beyond 2019 and highlights the strength of the $48 billion in probability weighted development projects that we introduced in conjunction with our Spectra acquisition announcement. These projects, among others, will support the extension of our 10-12 percent annual dividend per share growth rate through 2024.”