CALGARY, ALBERTA--(Marketwired - Nov. 25, 2015) - Enbridge Inc. (TSX:ENB)(NYSE:ENB) today announced the acquisition of a 100 percent interest in the 103-megawatt (MW) New Creek Wind Project, from EverPower Wind Holdings, LLC. Enbridge's total investment is approximately US$0.2 billion.
Located in Grant County, West Virginia, New Creek Wind will comprise 49 Gamesa G97/G90 turbines and is targeted to be in service in December 2016. The project was developed by EverPower Wind Holdings LLC., an independent U.S. renewable energy developer.
"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," said Vern Yu, Senior Vice President, Corporate Planning and Chief Development Officer, Enbridge Inc. "We welcome the relationship with EverPower, a safe and community-focused developer, owner and operator of U.S. wind projects."
The project is backed by renewable energy credit (REC) sales and off take agreements with fixed pricing through mid-and-long-term contracts.
New Creek will be constructed under a fixed-price engineering, procurement and construction (EPC) agreement with White Construction Inc. Gamesa will provide turbine operations and maintenance (O&M) services under a five-year fixed price contract, following which Enbridge will operate.
Including this acquisition, Enbridge has invested approximately CAD $5 billion in renewable power generation and transmission since 2002. Enterprise-wide, the Company now has interests in nearly 2,000 MW of net renewable generating capacity operating, secured or under construction.
|New Creek Wind Project At-A-Glance:
||Grant County, West Virginia
||49 Gamesa G97/G90
||EverPower Wind Holdings, LLC
About Enbridge Inc.
Enbridge Inc., a Canadian company, exists to fuel people's quality of life, and has done so for more than 65 years. A North American leader in delivering energy, Enbridge has been ranked on the Global 100 Most Sustainable Corporations index for the past seven years. Enbridge operates the world's longest crude oil and liquids transportation system across Canada and the U.S., and has a significant and growing involvement in natural gas gathering, transmission and midstream business, as well as an increasing involvement in power transmission. Enbridge owns and operates Canada's largest natural gas distribution company, serving residential, commercial, and industrial customers in Ontario, Quebec, New Brunswick and New York State. Enbridge has interests in nearly 2,000 megawatts of net renewable and alternative generating capacity, and continues to expand into wind, solar and geothermal power. Enbridge employs nearly 11,000 people, primarily in Canada and the U.S., and is ranked as one of Canada's Top Employers for 2015. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to project commencement, construction and completion, project equity investors, operating performance, regulatory parameters, competition, growth, economic conditions, and the renewable energy market. A further discussion of the risks and uncertainties facing the Company can be found in the Company's filings with Canadian and United States securities regulators. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Source: Marketwired (Canada)
(November 25, 2015 - 4:30 PM EST)
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