Enbridge to pay $225M for bigger stake in two Quebec wind projects
Wind turbines sit in a field in Akron Township, Mich., on Aug. 7, 2014. (AP / The Saginaw News, Coty Giannelli)
Published Tuesday, September 23, 2014 10:42AM EDT
MONTREAL -- Energy company Enbridge Inc. is increasing its ownership in two Quebec wind projects for about $225 million.
The company has signed an agreement to acquire an additional 17.5 per cent stake in the Lac Alfred project, and a 30 per cent stake in the Massif du Sud project from its partner EDF EN Canada.
Enbridge (TSX:ENB) will hold a 67.5 per cent stake in Lac Alfred Wind and an 80 per cent stake in Massif du Sud after the deal.
EDF EN Canada will maintain a 20 per cent stake in both projects.
The remaining 12.5 per cent interest of the Lac Alfred project was acquired by the regional country municipalities of La Matapedia and La Mitis in eastern Quebec.
Combined, Enbridge says the projects generate enough electricity to meet the needs of more than 100,000 Quebec homes.
On Monday, Enbridge announced a deal to transfer $1.76 billion in pipeline assets to one of its affiliates, the Enbridge Income Fund.