Enbridge Inc., the pipeline operator looking for European renewable energy investments, is bulking up its offshore wind assets by acquiring stakes from DONG Energy A/S in three farms located off France’s coast for C$282 million ($218 million).
The Canadian company plans to acquire a 50 percent stake in Eolien Maritime France SAS, which is developing the offshore farms with 1.4 GW capacity, Calgary-based Enbridge said in a statement. Enbridge will acquire Dong’s 40 percent stake in Eolien, along with a 10 percent stake held by project co-owner, Electricite de France SA. Financial close on the projects could come as early as this year.
The deal is Enbridge’s second investment in European offshore wind. In 2015 it paid C$750 million for a 25 percent stake in EON SE’s 400-MW Rampion project off the coast of Sussex, England. The company last month called Europe its most attractive market for renewable energy projects because governments are supporting investment with attractively priced long-term contracts. It plans to spend about C$5 billion to double its renewable energy capacity by 2019.
“This investment in EMF advances our priority to build new business platforms that will extend and diversify growth," said Al Monaco, president and chief executive of Enbridge, in a statement.