Canada Pension Plan Investment Board completes 49% acquisition of Enbridge's interests in select renewable power assets in North America and Europe

On May 9, 2018, Canada Pension Plan Investment Board (CPPIB) announced that it signed agreements with Enbridge Inc. and its related entities (together "Enbridge") to acquire 49% of Enbridge's interests in select North American onshore renewable power assets, as well as 49% of Enbridge's interests in two German offshore wind projects (Hohe See, and related expansion) through a newly created joint venture, for approximately C$1.75 billion.

The North American power assets include 14 long-term fully contracted operating wind and solar assets in four Canadian markets and two operating assets in the U.S. assets, namely the Cedar Point Wind Farm in Colorado and the Silver State North Solar Project in Nevada, with a combined installed capacity of approximately 1.3 gigawatts.

Enbridge and its affiliates will continue to manage, operate and provide administrative services to the North American and Hohe See projects.

The closing of the transaction was announced on August 1, 2018.

Further to the acquisitions, CPPIB and Enbridge also entered into an agreement whereby the two parties will form a 50-50 joint venture to pursue future European offshore wind projects.

Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. At December 31, 2017, the CPP Fund totalled C$337.1 billion.

Enbridge Inc. is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation. Its regulated utilities serve approximately 3.7 million retail customers in Ontario, Quebec, and New Brunswick. Enbridge also has interests in more than 2,500 MW of net renewable generating capacity in North America and Europe.

Further information can be found on Globe Newswire's website.