Enbridge To Monetize C$1.75 Bln Of Renewable Assets Through JV With CPPIB

(RTTNews) - Enbridge Inc. (ENB, ENB.TO) announced it has entered into agreements with the Canada Pension Plan Investment Board (CPPIB) to monetize a 49 percent interest in select North American onshore renewable power assets, as well as 49 percent of Enbridge's interests in two German offshore wind projects (Hohe See, and related expansion) through a newly created joint venture with CPPIB, for approximately C$1.75 billion. The assets include all of Enbridge's Canadian renewable power assets, held through Enbridge Income Fund, as well as two U.S. assets, namely the Cedar Point Wind Farm in Colorado and the Silver State North Solar Project in Nevada.

Enbridge and CPPIB have entered into an agreement whereby the two parties will form a 50-50 joint venture for the pursuit of future European offshore wind projects.

Enbridge CEO Al Monaco said: "This deal makes a significant contribution to our $3 billion asset sales target for the year and will also eliminate $500 million of equity capital requirement that we had previously included in our funding plan. This transaction, in addition to our other funding actions taken since April, accelerates funding for our secured capital program and gives us increased financial flexibility."