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

Maskwacis and feds sign historic education agreement

The Maskwacis Education School Commission signed an agreement setting the stage for their education

UPDATE: Puppies rescued at structure fire in Lacombe

The Bentley Fire Department assisted Lacombe in a structure fire where crews saved some puppies

Trial for man accused of 2006 Eckville murder “unreasonably delayed”

Lacombe’s Shayne Gulka is awaiting trial for the 2006 murder of Bradley Webber

Producers are already charging customers for recycle services

Fixed recycle fees are built-in to packaging rates by producers across the country.

Bringing composting to Ponoka is a simple step

For $2 extra per month, Ponoka residents can see compost collections

VIDEO: Canadians rise for early-morning Royal wedding celebrations

Canadians gathered for early-morning broadcast of marriage between Meghan Markle, Prince Harry

Las Vegas Golden Knights move on to Stanley Cup final

Improbable run continues for NHL’s newest expansion team

Oregon’s flooded recreational pot market a cautionary tale to B.C.

‘In a broader sense, we are adding legal production to an already robust illegal production’

3 survivors after airliner with 110 aboard crashes in Cuba

It was Cuba’s worst aviation disaster in three decades and its third major air accident since 2010

Individuals face 84 criminal charges related to stolen, counterfeit credit cards

Investigation and search warrant executed collaboratively by Red Deer and Sylvan Lake RCMP

Plane with 104 on board crashes on takeoff in Cuba

Boeing 737 operated by state airline Cubana crashed on takeoff from Jose Marti International Airport

UPDATED: Gunman opens fire in Texas high school, killing up to 10

Santa Fe High School which went on lockdown around 8 a.m. Friday

Coroner speaks about mix-up of Humboldt Broncos crash victims, release of name

A coroner involved says it wasn’t until an injured player woke up in hospital and said he was a different person that officials realized the mistake

‘Nowhere near close:’ U.S. rebuffs Trudeau hope for quick NAFTA deal

The United States declared the NAFTA countries were nowhere close to a deal in a statement Thursday

Most Read