The CPPIB and Enbridge are set to form a joint venture with for solar and wind energy projects.
Calgary, May 9, 2018 –
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 of renewable power assets for $1.75 billion.
Calgary based Enbridge Inc. 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 renewable energy interests in two German offshore wind projects.
It is noted that Enbridge and its affiliates will continue to manage, operate and provide administrative services for the renewable power assets.
Good news for CPPIB too –
In a news release, the CPPIB said it is buying a stake in 14 long-term fully contracted operating wind and solar assets in four Canadian markets. With the two plants in the U.S., there is a combined installed capacity of approximately 1.3 gigawatts, it said.
“Since December 2017, CPPIB has committed to wind and solar investments in Brazil, India, Canada, and now the U.S. and Germany,” said Bruce Hogg, managing director and head of power and renewables for the CPPIB.
The Canada Pension Plan investment in Renewable Energy is in my opinion is fine. Atleast they practice what they preach… The same can’t be said for the B.C government’s pension fund that is investment buckets of money into Canadian and American Oil Companies… Yes! Really!
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