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Enbridge acquires New Creek wind project for $200m

CTBR Staff Writer Published 26 November 2015

Enbridge has acquired New Creek wind project in the US state of West Virginia from EverPower Wind for around $200m.

Enbridge

The acquisition brings Enbridge's investment in renewable power generation and transmission to close to C$5bn ($3.75bn) since 2002.

Developed by EverPower Wind, the wind farm will be equipped with 49 units of Gamesa G97/G90 turbines.

The 103MW will be constructed under a fixed-price engineering, procurement and construction (EPC) agreement with White Construction.

Under a fixed price contract, Gamesa will provide turbine operations and maintenance services at the project for five years, following which Enbridge will operate.

Enbridge chief development officer and corporate planning senior vice president Vern Yu said: "With strong fundamentals and commercial underpinnings, the New Creek Wind Project is a strong fit within our low-risk value proposition, and advances a key corporate priority of growing our renewable generation platform.

"We welcome the relationship with EverPower, a safe and community-focused developer, owner and operator of U.S. wind projects."

Expected to become operational in December next year, the wind farm is backed by renewable energy credit (REC) sales and off take agreements with fixed pricing through mid-and-long-term contracts.

The company currently has interests in nearly 2,000MW of net renewable generating capacity operating, secured or under construction.

Enbridge recently bought a 24.9% stake in 400MW Rampion offshore wind project in the UK in a C$750m ($563.7m) deal.

The offshore wind farm is being constructed by E.ON Climate & Renewables UK 13km off the UK Sussex coast.

Enbridge president and CEO Al Monaco previously said: "Rampion provides a timely and effective entry point to the European offshore wind business and it supports our objective of developing new platforms that extend and diversify our industry leading growth beyond 2019.

"Once the project goes into service in 2018, we expect it to be immediately accretive to available cash flow from operations and earnings per share."


Image: Enbridge has interests in nearly 2,000MW of net renewable generating capacity. Photo: courtesy of Photokanok / FreeDigitalPhotos.net.