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

Car jumps curb, lands in bush

No injuries reported after White Rock incident

‘Battle of the Brews’ in Surrey this summer, with modern-rock soundtrack

Surrey Fire Fighters Charitable Society to host event as fundraiser for Athletics for Kids

Woman says she was sexually assaulted in Surrey while sleeping in car

RCMP look for suspect in alleged assault that happened Monday afternoon at Surrey’s Tannery Park

Cucumber picker files human rights complaint against Surrey greenhouse

Woman claims she was called a ‘bitch’ and was discriminated against because she’s single and divorced

15-year-old cinches second year as top skater at freestyle championships

Isamu Yamamoto won as a professional for the second year in a row at the international contest

VIDEO: Morgan Freeman to voice announcements on SkyTrain, buses

TransLink unveils new credit card feature ahead of busy tourist season

Ariana Grande sends message of hope on anniversary of Manchester bombing

Prince William joins survivors and emergency workers for remembrance service

Fraser River “vulnerable” to any additional inflows: River Forecast Centre

Two dairy farms have already been relocated from evacuated areas

Pipeline more important than premiers meeting: Notley

“Canada has to work for all Canadians, that’s why we’re fighting for the pipeline”

Canadian government spending tens of millions on Facebook ads

From January 2016 to March 2018, feds spent more than $24.4 million on Facebook and Instagram ads

Richmond RCMP appeal for info after man allegedly gropes young girl

A 74-year-old man has been charged with sexual assault

Fourth man pleads guilty to 2009 hit-and-run murder in Abbotsford

Gurpreet Atwal among group involved in the killing of Kulwinder Gill

VIDEO: How to use naloxone to stop a fentanyl overdose

ANKORS’ Chloe Sage shows what to do when someone is overdosing

Mounties cleared after shooting B.C. man armed with toy gun

Independent Investigations Office reports it will pass on a report to Crown counsel

Most Read