Canadian company Enbridge has completed the sale of just under half of its 49.9% stake in the 609MW Hohe See and Albatros wind complex in the German North Sea to Canada Pension Plan Investment Board.
The C$1.75bn (€1.14bn) sale also includes a 49% interest in a selection of Enbridge’s North Americas renewables assets totalling 1.3GW.
The deal also sees Enbridge and CPPIB set up a joint venture that will pursue other offshore wind projects in Europe.
EnBW holds the majority interest in Hohe See and Albatros wind farms.
Hohe See will feature 71 Siemens Gamesa 7.0-154 turbines, while Albatros will comprise 16 of the same hardware. Both projects are scheduled to be fully commissioned in 2019.
Enbridge has also closed the sale of its ownership interests in Midcoast Operating and its subsidiaries to an affiliate of ArcLight Capital Partners for approximately C$1.4bn in cash.
Enbridge president and chief executive Al Monaco said: “We are pleased to have moved quickly to execute and close these transactions at strong valuations.
“In addition, the recently announced sale of the Canadian gathering and processing assets takes our total non-core asset sales this year to almost $7.5bn.
“Together, these transactions support our strategy to move towards a pure pipeline and utility business model and provide the company with significant additional financing flexibility as we fund our industry leading secured growth programme.”
Image: reNEWS
Enbridge closes Hohe See deal
By EBS