Enbridge acquires stake in offshore German wind farm

Enbridge acquires stake in offshore German wind farm

Canada’s largest pipeline company Enbridge (TSX:ENB) has made a US$1.7 billion investment in an offshore wind farm owned by German energy firm EnBW (EBK:GR).

The 49.9% stake will allow both companies to jointly finance the project, with construction set to be completed in 2019.

The $1.9 billion Hohe See wind park in the North Sea will become one of Europe’s largest wind facilities when it becomes operational, with a planned capacity of around 500MW.

“With Enbridge at our side, we can realise our largest offshore wind farm to date and at the same time generate financial scope through this participation for the development of new projects,” said EnBW chief executive officer Frank Mastiaux.

EnBW will remain in charge of operating and maintaining the site after construction is completed.

Calgary-based Enbridge recently won approval for a $28 billion merger deal with Spectra Energy Corp (NYSE:SE), which will create North America’s biggest energy infrastructure company.