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A high-voltage surge: Enbridge acquires Tri Global Energy
Acquisition provides a big boost to Enbridge’s renewables business
At Enbridge, our growing renewable energy business got a high-voltage surge today with the purchase of leading U.S. renewable project developer Tri Global Energy.
Dallas-based Tri Global is currently the third largest onshore wind developer in the U.S., with a development portfolio of wind and solar projects representing more than 7 GW of renewable generation capacity. The cash transaction, for US $270 million, includes assumed debt. Additionally, up to approximately US$50 million in payments could be made contingent on successful execution of TGE’s project portfolio.
Founded in 2009, Tri Global Energy is among America’s top utility-scale renewable energy developers. With the acquisition, our renewables business secures 3.9 GW of renewable power generation projects plus 3 GW of late-stage development projects that are expected to be put in service between 2024 and 2028.
“TGE will enhance Enbridge’s renewable platform and accelerate our North American growth strategy,” said Al Monaco, Enbridge’s President and Chief Executive Officer. “TGE’s significant development pipeline, coupled with our renewable capabilities, and existing self-power opportunities, make this a truly synergistic investment that further positions us to grow organically at attractive equity returns.”
At Enbridge, we expect North American renewable power fundamentals to remain robust and we’re encouraged by rising targets for state renewable portfolio standards and growing private-sector demand for zero-carbon electricity. These conditions are set to drive significant investment in wind and solar power generation over the next decade.
TGE’s development team of nearly 20 will remain in place to ensure continuity of ongoing development activities and TGE will continue to use its name, as an Enbridge company. Offices will remain in Dallas.
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At Enbridge, we continues to build our low-carbon portfolio, which has grown from an investment in a single wind farm in 2002 to more than $8 billion invested in renewable energy projects at the end of last year. Prior to today’s transaction, we had 23 wind farms in operation and under construction, 17 solar energy operations, seven renewable natural gas facilities, two hydrogen facilities and 10 other renewable power assets.
We’re also actively developing and executing opportunities to “self-power” along our liquids and gas transmission pipeline rights-of-way. This includes building and operating renewable power generation facilities to help power our assets with clean electricity.
All these initiatives are cornerstones of our commitment to environment, social and governance (ESG).
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Our renewable energy projects (operating or under construction) produce enough electricity to power about 967,000 homes.
In September 2022, Enbridge announced the acquisition of Tri Global Energy, the third-largest onshore wind developer in the U.S.
Life takes energy. And at Enbridge, we take seriously our responsibility to deliver it safely and reliably. Sustainability is, and has to be, core to how we do business.