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: Trinity Western women’s soccer team earns win over UNBC

Spartans held an advantage throughout the night

Langley Rams run over Rebels

Maximilian Joseph ran for 226 yards and scored three touchdowns

Billion-dollar Langley company one of the fastest-growing in Canada

Hardwoods Distribution Inc. lists a Walnut Grove office building as the location of its head office

VIDEO: Celebrating 50 years with a blowout

Langley Rugby club annihilates Burnaby opponents at anniversary event

Cloverdale CHAMP celebrates War Amps on its 100th anniversary

Child Amputee Program provides financial and peer support

Live bear cam: Let the fishing begin

Watch bears in Alaska’s Katmai National Park catch their dinner live.

Campaign seeks to add Farsi to B.C. school curriculum options

Group wants Farsi added to list of nine languages in policy covering second language requirements

Trudeau urges leaders to follow Nelson Mandela’s example at UN tribute

Peace summit in New York marks 100th birthday of former South African president

Senate seats filled in B.C., Saskatchewan

Canada’s newest senators are the first woman to lead the RCMP and a Cree Metis businessman

Newfoundland’s popular ‘merb’ys’ calendar is back

The calendar of burly, bearded mermen posing against scenic backdrops for charity returns

Less than half of Metro Vancouverites feel they can influence government: study

SFU researchers suggest most people believe elected officials don’t care

Cap rent increases at inflation rate, B.C. task force recommends

MLAs say drop annual increase that would allow 4.5% rise next year

School, church, old mining site make Heritage BC’s first ‘watch list’

The list includes sites in need of protection to maintain B.C.’s culture and history

5 to start your day

Maple Ridge students send books to fire-destroyed school, teen stabbed in Surrey park and more

Most Read