Hohe See Lifts Enbridge in Q4
Canadian energy infrastructure company Enbridge Inc. has reported an adjusted EBITDA of CAD 119 million (EUR 82.9 million) at its Renewable Power Generation division in the last quarter of 2019, CAD 21 million more than in the same period a year earlier.
The increase was attributed to contributions from the 497MW Hohe See offshore wind farm in the German North Sea which reached full operating capacity in October 2019.
The adjacent expansion project, the 112MW Albatros, came into service in January 2020.
Enbridge initially held a 49.9% interest in the two projects. In August 2018, the company sold 49% of its 49.9% interest in the two wind farms to Canada Pension Plan Investment Board (CPPIB). Germany’s EnBW holds the remaining 51.1% stake in the two wind farms.
For the full FY 2019, Enbridge’s Renewable Power Generation division reported adjusted EBITDA of CAD 424 million, CAD 11 million less than in 2018.
The decrease was mainly due to the absence of a positive arbitration settlement of CAD 11 million from a warranty claim that occurred in the first quarter of 2018; as well as weaker wind resources, availability, and higher mechanical repair costs primarily at US wind facilities in the first half of 2019, net of insurance recoveries.