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

VIDEO: SAR reinforcements from up Island arrive Sunday to help search for Ben Kilmer

Family, RCMP ‘extremely happy’ with the search effort so far, search manager tells volunteers

VIDEO: Get your group together and plan an event for Culture Days

Culture Days events can include almost anything, but the more interactive the better for all

Robert Barron column: Nicole Lynch deserves a medal

It takes a great deal of courage to walk into a potentially dangerous situation

Drivesmart column: It’s motorcycle season

My experience investigating collisions reinforced that a rider must drive defensively at all times

David Suzuki column: Degree sparks necessary debate

Too often, though, the discussion has strayed from topics that need attention into personal attacks.

VIDEO: Canadian Forces help flood-ravaged Grand Forks residents heal

Sgt. Bradley Lowes says the military is used to dealing with traumatic times

Coming up in Cowichan: Spring fair; Christian Science lecture; market

Get ready for some family fun with the Drinkwater Elementary School PAC annual spring fair

Cowichan Coffee Time: New principal, and fundraising galore

• School District 79 introduced Nicole Miller, who has been appointed principal… Continue reading

Central Vancouver Island man dies in single-vehicle collision

Pickup truck with three occupants went off the road near Port Alberni

UPDATED: Grand Forks looks towards recovery as evacuation orders begin to lift

Officials hope to have all 3,000 people back in their homes by Monday night

B.C. Lions bring back 6-time all-star offensive lineman Jovan Olafioye

He was acquired by the Montreal Alouettes last year.

Whitecaps rally for 2-2 draw with FC Dallas

Vancouver climbed out of a two-nil hole to tie FC Dallas 2-2

B.C. VIEWS: Making sense of climate policy

Flood and fire predictions have poor track record so far

Chilliwack Chiefs moving on to RBC Cup final after thrilling win over Ottawa

Kaden Pickering scored the winning goal in the 3rd period as Chilliwack won their semi-final 3-2.

Most Read