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

UPDATED: Underground power fault blacks out part of downtown Langley

Electricity was out for a major commercial area.

Aldergrove Mall site becomes election issue

Letter from developers supporting current Township council sparks flurry of responses

WATCH: Less parking, more public space in plans for Langley City’s downtown

Two options for Fraser Highway’s one way section are up for debate.

Retired football kicker wanted play hockey as a kid, but ‘it just wasn’t in the budget’

Surrey-raised Paul McCallum now backs KidSport and its annual fundraiser set for Friday

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.

Aldergrove Kodiaks win one, lose one

Junior B hockey squad breaks losing streak with win over Mission Outlaws

Hockey league gets $1.4M for assistance program after Humboldt Broncos crash

Program will help players, families, coaches and volunteers after the shock of the deadly crash

Canada has removed six out of 900 asylum seekers already facing U.S. deportation

Ottawa had said the ‘overwhelming majority’ had been removed

Appeal pipeline decision but consult Indigenous communities, Scheer says

The federal appeals court halted the Trans Mountain expansion last month

B.C. electric vehicle subsidy fund drains faster than expected

Province adds another $10 million to incentive fund

Fraser Valley horse trainer suing feed mill after death of five animals

Alicia Harper seeking $500,000 to $1 million in losses and damages from Hi-Pro Feeds

‘I’ll never forgive you:’ Victim impact statements at hearing for Calgary killer

Curtis Healy was found guilty of first-degree murder Friday in the death of Dawns Baptiste.

Most Read