Enbridge has designs on being a North American power hitter—and through acquisitions like this, we continue to turn up the dial.
Last week, Enbridge Inc. announced the acquisition of a 100-per-cent interest in the 103-megawatt (MW) New Creek Wind Project, in Grant County, West Virginia, from EverPower Wind Holdings, LLC.
Enbridge’s investment in the project is about US$0.2-billion, bringing our total investment in renewable power generation and transmission, since 2002, to about CAD$5-billion. Even more importantly, ownership in the New Creek Wind Project means access to the PJM power market—which supplies reliable electricity to more than 61 million Americans.
“This project provides a strategic entry point into the attractive PJM power market, one of the world’s largest competitive wholesale electricity markets,” says Vern Yu, Enbridge Inc.’s Senior Vice President of Corporate Planning and Chief Development Officer.
PJM Interconnection manages the movement of wholesale electricity in all or parts of 13 states—Ohio, Pennsylvania, New Jersey, Michigan, Maryland, Illinois, Indiana, North Carolina, Tennessee, Virginia, West Virginia, Delaware and Kentucky—as well as the District of Columbia. With a diverse mix of generating resources, PJM expects that demand for its energy will grow 1.0 percent annually through 2024.
During our recent 17th annual Enbridge Day Investment Community Conference, Mr. Yu noted that power generation and transmission is already the fastest-growing business at Enbridge—and that our long-term goals include:
The New Creek project will consist of 49 Gamesa G97/G90 turbines, with a targeted in-service date of December 2016. The project was developed by EverPower, an independent U.S. renewable energy enterprise.
“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,” says Mr. Yu. “This investment provides an attractive opportunity for Enbridge to move into earlier-stage wind development, allowing us to play a greater role, earlier in the process, and increasing our competitiveness in the renewable energy market.”
Enbridge now has an ownership interest in nearly 2,000 MW of net renewable generating capacity, either in operation, secured or under construction.
This includes 15 wind farms in Colorado, Texas, Indiana, Quebec, Ontario, Alberta and Saskatchewan, as well as four solar projects in Nevada and Ontario, and a geothermal facility in Oregon.
In recent weeks, we also expanded our power generation portfolio into Europe by announcing the acquisition of a 24.9-percent stake in the 400-MW Rampion wind project off the coast of England.