Enbridge acquiring 50% of French offshore wind company
Three wind farm developments under development off the coast of France.
CALGARY — Enbridge Inc. is acquiring a 50% interest in a French offshore wind development company with a $282 million investment.
The Éolien Maritime France SAS wind farm development will be co-owned with EDF Energies Nouvelles (EDF EN), a subsidiary of Électricité de France SA, which focuses on renewable energy.
Enbridge, the Calgary-based energy company, and EDF EN will co-develop three large-scale wind farms off the coast of France that would produce a combined 1,428 megawatts (MW) of power. Development of the three projects is underway with construction subject to pre-Final Investment Decision (FID) development costs and regulatory approvals.
The projects include the 498-MW Eoliennes Offshore des Hautes Falaises, located off the coast of Fecamp; the 450-MW Eoliennes Offshore du Calvados project, located off the coast of Courseulles-sur-Mer; and the 480-MW Parc du Banc de Guerande project, located off the coast of Saint-Nazaire.
Each of the three wind projects has been awarded a 20-year power purchase agreement (PPA) in which EDF will pay an indexed fixed price for 100% of the power generated by each facility.
Enbridge said it would potentially invest up to $4.5 billion in total for all three projects. Should the projects achieve FID, construction would start gradually from 2017 and continue the next five years through 2022.