BUSINESS
05/09/2018 08:17 EDT | Updated 05/09/2018 08:23 EDT

Canada Pension Plan Makes $1.75-Billion Investment Into Renewable Energy

The CPPIB is forming a joint venture with Enbridge for solar and wind energy projects.

Solar panels stand in this aerial photograph taken above the Enbridge Inc. Sarnia Solar Farm in Sarnia, Ont., Fri. July 21, 2017. Enbridge Inc. has signed a deal for the Canada Pension Plan Investment Board to buy 49 per cent of the pipeline company's interests in a group of renewable power assets for $1.75 billion.
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Solar panels stand in this aerial photograph taken above the Enbridge Inc. Sarnia Solar Farm in Sarnia, Ont., Fri. July 21, 2017. Enbridge Inc. has signed a deal for the Canada Pension Plan Investment Board to buy 49 per cent of the pipeline company's interests in a group of renewable power assets for $1.75 billion.

CALGARY — Enbridge Inc. has signed a deal for the Canada Pension Plan Investment Board to buy 49 per cent of the pipeline company's interests in a group of renewable power assets for $1.75 billion.

Enbridge says the agreement will see the creation of a joint venture that includes all its Canadian renewable power assets, as well as the Cedar Point Wind Farm in Colorado and the Silver State North Solar Project in Nevada.

The deal also includes Enbridge's interests in two German offshore wind projects.

Earlier on HuffPost Canada:


Enbridge says it will keep its interests in certain other U.S. renewable power assets.

Under agreement, CPPIB has agreed to fund its share of the remaining costs to complete the German offshore wind projects, estimated at about $500 million, bringing the pension fund's total commitment to about $2.25 billion.

Enbridge and CPPIB have also signed a deal to form a 50-50 joint venture to pursue future European offshore wind projects.

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