Enbridge to pay C$225 mln to raise stake in two Quebec wind farms

Tue Sep 23, 2014 10:22am EDT
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CALGARY, Alberta, Sept 23 (Reuters) - Enbridge Inc, the Canadian pipeline company building up a portfolio of renewable power projects, said on Tuesday it has agreed to pay C$225 million ($204 million) to increase its stake in two wind-power sites it co-owns with Electricite de France SA (EDF) .

Enbridge will raise its ownership in the 300-megawatt Lac Alfred wind power project by 17.5 percent, bringing its stake in the eastern Quebec project to 67.5 percent. It will also raise its position in the 150-megawatt Massif du Sud site by 30 percent to 80 percent.

Enbridge produces more than 1,800 megawatts of renewable or alternative energy, used to power its pipeline network and offset carbon emissions in the rest of its business.

"We've invested approximately C$3 billion in renewable energy assets over the past five years, and we plan to continue growing our renewable business with the objective of doubling capacity by 2017," Vern Yu, an Enbridge senior vice president, said in a statement.

Enbridge said EDF will retain 20 percent stakes in both projects, with 12.5 percent of the Lac Alfred project held by two local governments.

Enbridge shares were down 13 Canadian cents to C$55.48 in early Toronto Stock Exchange trading. (1 U.S. dollar = 1.1017 Canadian dollar) (Reporting by Scott Haggett; Editing by Jeffrey Benkoe)