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Enbridge sells French trio

By: Tom Russell 07/05/2020 Enbridge

General Windfarms

Canadian multinational energy company Enbridge Inc. has agreed to sell 49% of its interest in three offshore wind projects under development in France to the Canada Pension Plan Investment Board (CPP Investments). The initial proceeds are expected to exceed $100 million.

On 1st May 2020, the Enbridge and CPP Investments executed agreements whereby 49% of Enbridge's 50% interest in Éolien Maritime France SAS (EMF) will be sold to CPP Investments 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. 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 anticipated to close in the fourth quarter of 2020. After the transaction closes, through the company's investment in EMF, Enbridge ownership interests in the three French offshore wind will include 25.5% in Saint Nazaire, in 17.9% Fecamp, and 21.7% in Courseulles.

In 2019, the Saint Nazaire offshore wind project reached a positive final investment decision, while the remaining projects are expected to reach a final investment decision by next year.

The transaction was revealed in the company's first quarter results. Adjusted earnings before interest, income tax and depreciation and amortisation (EBITDA) was $3,763 million, compared with $3,769 million in 2019. The company recorded GAAP loss of $1,429 million or $0.71 loss per common share, compared to GAAP earnings of $1,891 million or $0.94 per common share in 2019, impacted by certain unusual and infrequent factors, including a non-cash impairment of the Company's investment in DCP Midstream of $1,736 million and non-cash unrealised derivative fair value losses of $1,956 million.

The company's Renewable Power Generation adjusted EBITDA decreased $5 million compared to first quarter of 2019 primarily due to lower contributions from Canadian wind facilities due to weaker wind resources. This was partially offset by adjusted EBITDA contributions from the Hohe See offshore wind project and the adjacent expansion project, Albatros. Hohe See reached full operating capacity in October 2019 and Albatros came into service in January 2020.

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Enbridge sells French trio

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