Enbridge is selling 49% of its 50% stake in Éolien Maritime France (EMF), the developer of three offshore wind projects in France, to the Canada Pension Plan Investment Board (CPP Investments).
After the transaction closes, through its investment in EMF, Enbridge will own equity interests in the Saint-Nazaire (25.5%), Courseulles-sur-Mer (21.7%), and Fécamp (17.9%) offshore wind projects in France.
On 1 May, the two companies executed agreements for the sale in return for a payment which will include a project promote, as well as 49% of all development capital spent by Enbridge since inception to the date of close.
The total payment at close is anticipated to exceed CAD 100 million. Post-closing, CPP Investments will contribute its pro-rata 49% share of all ongoing future development capital.
Completion of the transaction is subject to customary regulatory approvals and is expected to close in the fourth quarter of the year.
This transaction is said to reduce Enbridge’s equity investment in the Saint-Nazaire project to CAD 0.2 billion from CAD 0.3 billion and the secured capital program to CAD 0.9 billion from CAD 1.8 billion.
Saint-Nazaire will feature 80 GE Haliade 150-6MW turbines installed some 12km offshore the Loire-Atlantique. Commissioning of the 480 MW project is planned for 2022.
The 500 MW Fécamp and 450 MW Courseulles-sur-Mer wind farms will feature Siemens Gamesa turbines. They are expected to reach a final investment decision by next year.
Photo: Illustration.