Enbridge acquires 24.9 % interest in Rampion

Friday, 6 November, 2015 - 10:45

Canadian pipeline firm Enbridge announced the acquisition of a 24.9 % interest in the 400 MW Rampion offshore wind project in the UK. The company’s total investment in the project is expected to be € 520 million inclusive of all interest during construction, transaction costs and a development fee.

Rampion was developed and is being constructed by E.ON Climate & Renewables. 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 holds a 25 % interest, and E.ON will retain the balance of 50.1 %.

"Offshore wind is a natural next step for Enbridge's significant wind business," said Enbridge President and CEO Al Monaco. "We have a well-established renewables business and growing expertise in wind power technology, construction and operations and this project provides an attractive opportunity to partner with E.ON, an industry leading constructor and operator of offshore wind projects, and Green Investment Bank with its experience of supporting offshore wind ventures. Further developing our expertise in this business will position Enbridge to participate in future offshore developments."

Ed Northam, Head of Investment Banking, UK Green Investment Bank, said: “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.”

Enbridge is a North American leader in delivering energy, operating in Canada and the U.S. the world's longest crude oil and liquids transportation system. The company is also involved in natural gas gathering, transmission and midstream businesses as well as in power generation and transmission. Enbridge already partners with E.ON in the Magic Valley wind farm located in Texas and the Wildcat wind farm in Indiana.

Located 13 km off the UK Sussex coast, the project is backed by revenues from the UK's fixed price Renewable Obligation Certificates programme 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.

Katharina Garus / Enbridge / E.ON

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