Enbridge to buy $282M stake in French offshore wind project

Enbridgesays it will pay $282 million to participate in the development of three large-scale wind farms off the coast of France.

The Calgary-based company will acquire 50 per cent ownership of Eolien Maritime France SAS, which is building a total of 1,428 megawatts of generating capacity.

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The other half of the wind farms will be owned by EDF Energies Nouvelles, a subsidiary of Paris-based Electricite de France SA.

Each of the three wind projects has been awarded a 20-year power purchase agreement withElectricitede France.

Enbridgeis mostly known as a pipeline company but it's also co-owner of four operating onshore wind projects in North America in partnership with EDF EnergiesNouvellesand has a minority stake in a 400 MW project off the coast of England.

The latest deal betweenEnbridgeand EDF is expected to close on May 19.

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