Increasing European Offshore Wind Footprint in Germany

Source MDA
Company Enbridge Inc.Canada Pension Plan Investment Board 
Tags Asset Deals, Deals, Power
Date November 03, 2023

Enbridge, through its wholly owned subsidiary, has signed a definitive agreement with a wholly owned subsidiary of Canada Pension Plan Investment Board (CPP Investments) to purchase its interests in the Hohe See Offshore Wind Farm and Albatros Offshore Wind Farm for total consideration of €625 million, comprised of €267 million of cash and €358 million of assumed debt. Together, the wind farms produce a combined 2.5 million megawatt hours of electricity, supplying energy to more than 700,000 households. This acquisition will add accretive, government-backed distributable cash flow to Enbridge's regionally diversified and growing renewable portfolio. Enbridge will indirectly own 49.89% of Hohe See and Albatros (25.44% prior to closing of the acquisition).

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