Enbridge to sell off some renewable energy holdings for $1.75 billion

In a deal worth $1.75 billion, Canadian energy company Enbridge is selling off 49 percent of its North American renewable energy interests, as well as a German offshore wind power project.

However, the company is not pulling out of the renewable energy sector altogether. It will continue to pursue offshore wind power projects in Europe with its partners.

The North American holdings include two assets in the U.S. as well as all of the company’s Canadian renewable assets.

Enbridge is selling off the Silver State North Solar Project in Nevada and the Colorado Cedar Point Wind Farm. The company will hold on to the rest of its U.S. renewable properties but added that it may decide to sell them in the future.

Enbridge sold the German Hohe See offshore wind power project to the Canada Pension Plan Investment Board, which Enbridge is forming a joint venture with.

Also, in a $1.12 billion deal, Enbridge sold Midcoast Operating – a natural gas processing and transport group – to a unit of ArcLight Capital Partners.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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