Enbridge Inc (NYSE:ENB, TSE:ENB) has announced a deal to acquire a 50% stake in offshore wind power firm Eolien Maritime France (EMF).
The deal is worth C$282mln. Enbridge is now part owner of EMF, alongside French power utility EDF.
Together Enbridge and EDF will co-develop three large scale wind farms offshore France, which are expected to deliver 1.4 megawatts (MW) of power.
Work is already underway on the projects, though full construction is subject to a final investment decision (FID).
"This is a unique and strategic opportunity for Enbridge to further grow our investment in renewable power and build on our existing presence in European offshore wind generation,” said Al Monaco, Enbridge chief executive.
“This investment in EMF advances our priority to build new business platforms that will extend and diversify growth."
"The EMF development opportunities are underpinned by strong market fundamentals and a commercial framework that is very well aligned with our low-risk business model.
“Once fully operational, they are expected to generate attractive returns and accretion to available cash flow from operations."