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4C is now TGS
We are excited to announce a significant milestone in 4C Offshore's journey. Our integration into the TGS family marks the beginning of a new era in offshore wind market intelligence.
Under the terms of the agreements, CPPIB will fund its 49% pro-rata share of the remaining construction capital required to complete the Hohe See and Albatros projects, which are being built simultaneously and scheduled to come into service at the start of 2020. This additional capital commitment is estimated at approximately CAD$0.5 billion, bringing CPPIB's total commitment to approximately CAD$2.25 billion. Enbridge and its affiliates will continue to manage, operate and provide administrative services for the renewable power assets. "The monetization of $1.75 billion of renewable assets through our newly formed joint venture with CPPIB is an important step in achieving the objective we set when we rolled out our three-year plan and strategic priorities in December," said Enbridge President and Chief Executive Officer Al Monaco. "This deal makes a significant contribution to our $3 billion asset sales target for the year and will also eliminate $500 million of equity capital requirement that we had previously included in our funding plan. This transaction, in addition to our other funding actions taken since April, accelerates funding for our secured capital program and gives us increased financial flexibility." Further, Enbridge and CPPIB have entered into an agreement whereby the two parties will form a 50-50 joint venture for the pursuit of future European offshore wind projects. These projects may be in the early development, late development, construction or operational phase. "We are also very pleased to be partnering with CPPIB in future development of our European offshore wind business, which we believe will have great opportunities for years to come," continued Mr. Monaco. "The combination of our operating and development capability with CPPIB's resources and experience creates a powerful Canadian champion for developing offshore renewable energy projects in Europe." Each of the North American and German sale agreements is subject to closing adjustments and conditions customary in transactions of this nature. Closing is expected to occur during the third quarter of 2018 subject to the receipt of all necessary regulatory approvals and consents. Enbridge anticipates a minimal amount of cash taxes arising from the sale of these renewable assets.
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