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Rampion dynamic duo becomes terrific trio

By: Tom Russell 05/11/2015 Enbridge edited by 4C Offshore

General Windfarms

Enbridge Inc.today announced the acquisition of a 24.9 percent interest in the 400MW Rampion Offshore Wind Project in the UK. The Company's total investment in the project is expected to be CAD $750 million (£370 million) inclusive of all interest during construction, transaction costs and a development fee.

The project and is being constructed by E.ON Climate & Renewables UK Limited, a subsidiary of E.ON SE.

Under the terms of the agreement Enbridge will become one of three shareholders in Rampion Offshore Wind Limited which owns the project. The UK Green Investment Bank plc holds a 25 percent interest, and E.ON will retain the balance of 50.1 percent.

"Offshore wind is a natural next step for Enbridge's significant wind business," said Enbridge President and Chief Executive Officer Al Monaco. "Our investment in Rampion Offshore Wind is a strong fit with our investor value proposition and advances a number of key corporate priorities. Rampion provides a timely and effective entry point to the European offshore wind business and it supports our objective of developing new platforms that extend and diversify our industry leading growth beyond 2019. The European offshore wind business comes with strong market fundamentals, sound commercial underpinnings and attractive returns. Once the project goes into service in 2018, we expect it to be immediately accretive to available cash flow from operations and earnings per share."

Over the next decade, some EUR100 billion of investment is forecast in the European offshore wind industry. There are presently 32 operating offshore wind farms in the UK, representing 4.4 gigawatts (GW) or 56 percent of the European offshore wind market with another 13 farms under construction.

E.ON will manage construction of the project under a Construction Management Agreement. The Rampion Offshore Wind Project is E.ON's tenth offshore wind project worldwide and its sixth in the UK. It will be operated by E.ON under a 25-year Management and Operations Management Agreement.

“Thanks to our excellent project portfolio and our capabilities there is a strong demand in the market for assets built and operated by E.ON. We are happy to strengthen our partnership with Enbridge as a reliable partner, who shares our approach of combining high class assets and safe operations”, said Michael Lewis, COO of E.ON Climate & Renewables.

Enterprise wide, Enbridge has invested over CAD $4 billion in renewable power generation and transmission in the past decade. The Company's portfolio comprises 1,800 MW net generating capacity across North America from 14 wind farms, four solar farms, one geothermal project and the Montana-Alberta transmission line.

Edward Northam

Ed Northam, Head of Investment Banking, UK Green Investment Bank, added: “Securing Enbridge’s first investment in offshore wind is a major success for Rampion and the wider development of green infrastructure projects in the UK. The company’s background in North American renewables and pipelines complements the expertise of the existing shareholder group. Our collective experience will help realise the successful construction and operation of the wind farm.”

Located 13 kilometres off the UK Sussex coast, Rampion offshore wind farm is backed by revenues from the UK's fixed price Renewable Obligation Certificates program and a 15-year power purchase agreement. Comprised of 116 Vestas V112-3.45 MW turbines, construction of the wind farm began in September 2015 and is expected to be fully operational in 2018.

For more information about the Rampion offshore wind farm please follow the links provided. Alternatively, we display projects worldwide on our offshore wind farms database and our interactive map.

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Rampion dynamic duo becomes terrific trio

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