(Calgary) Enbridge has acquired Tri Global Energy (TGE), a developer of renewable energy projects in the United States, in exchange for US$270 million in cash and the assumption of its debt.
Posted at 11:28
The company said on Thursday that it would also pay up to an additional $50 million depending on the successful execution of TGE’s portfolio of projects.
Enbridge pointed out that TGE is the third-largest onshore wind developer in the United States, with a wind and solar project development portfolio representing more than seven gigawatts of renewable energy generation capacity.
Enbridge CEO Al Monaco said TGE would enhance Enbridge’s renewable platform and accelerate the company’s North American growth strategy.
“TGE’s significant development pipeline, coupled with our existing renewable capabilities and self-powering opportunities, makes this transaction a truly synergistic investment that better positions us to grow organically, with attractive equity returns.” , said Mr. Monaco in a press release.
The company clarified that the TGE development team will remain in place, ensuring the continuity of ongoing development activities.
TGE’s development portfolio includes 3.9 gigawatts of renewable power generation projects that it previously sold to operators, which will generate development costs and increased distributable cash flow per share during the first year following the acquisition.
Enbridge added that the TGE team has developed and monetized more than six gigawatts of large-scale renewable energy projects since its inception in 2009.
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