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September 23, 2014
MONTREAL, QUEBEC--(Marketwired - Sept. 23, 2014) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced that it has entered into an agreement to purchase additional ownership stakes in two Quebec wind projects from existing partner, EDF EN Canada Inc. Under the agreement, which is expected to close in mid-October, Enbridge will invest approximately $225 million to acquire an additional 17.5 per cent stake in the 300 megawatt (MW) Lac Alfred Wind Project and an additional 30.0 per cent stake in the 150 MW Massif du Sud Wind Project. Both transactions are subject to customary closing conditions.
Enbridge Inc. and EDF EN Canada became co-owners of the Lac Alfred project in December 2011 and expanded their partnership in December 2012 with the purchase of 50 per cent of Massif du Sud. On completion of the investment, Enbridge will hold 67.5 percent interest in Lac Alfred Wind and 80.0 per cent interest in Massif du Sud.
EDF EN Canada will maintain a 20 per cent ownership position in both facilities. The remaining 12.5 per cent interest of the Lac Alfred Wind Project was acquired by the MRCs of La Matapédia and La Mitis in September 2014.
"With over 40 years of energy infrastructure investments in Quebec, our increased ownership of Massif du Sud and Lac Alfred further demonstrates our commitment to continue building on our strong relationships in the province," said Vern Yu, Senior Vice President, Corporate Development. "Our increased interest in both facilities allows Enbridge to maintain its standing as the second largest wind energy owner in Canada, a position that reflects the strategic importance of renewable power generation for our company. We've invested approximately $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.
"Additionally, this agreement further reflects the strength of our relationship with EDF EN Canada, with whom we've partnered on four jointly-owned wind projects since October 2012," Mr. Yu added.
The 300 MW Lac Alfred project is located in the municipalities of Saint-Cléophas, Sainte-Irène, Saint-Zénon-du-Lac-Humqui and the unorganized territory (UT) of Lac Alfred in the MRC de La Matapédia and in the municipality of La Rédemption and UT Lac-à-la-Croix in the MRC de La Mitis. Construction of Lac Alfred Wind began in June 2011 and reached commercial operation in two phases: Phase 1 (150 MW) in January 2013 and Phase 2 (150 MW) in August 2013.
Located in the municipalities of Saint-Luc-de-Bellechasse and Saint-Magloire in the MRC des Etchemins and in the municipalities of Notre-Dame-Auxiliatrice-de-Buckland and Saint-Philémon in the MRC de Bellechasse, the 150 MW Massif du Sud Wind project reached commercial operation in January 2013.
Combined, both projects generate enough clean electricity to meet the needs of more than 100,000 Quebec homes. Electricity generated by the facilities is delivered to Hydro-Quebec Distribution under 20-year Power Purchase Agreements.
EDF EN Canada will continue to provide management services to both projects and EDF Renewable Services will continue to provide long-term operations and maintenance services.
These projects further help Enbridge meet its Neutral Footprint commitment to generating a kilowatt hour of renewable energy for every additional kilowatt of energy consumed by its Liquids Pipelines business, a goal the company is on track to meet by 2015.
About Enbridge Inc.:
Enbridge Inc., a Canadian Company, is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past six years. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in more than 1,800 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy and geothermal. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Top 100 Employers for 2014. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
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