• 3 minutes e-car sales collapse
  • 7 minutes Energy Armageddon
  • 11 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours America Is Exceptional in Its Political Divide
  • 1 day Cummins showcases 15L fuel-agnostic engine platform; hydrogen, diesel, biogas 16 March 2023
  • 6 days Gazprom and Rosneft super result
  • 11 hours *****5 STARS - "The Markets are Rigged" by The Corbett Report
MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Premium Content

Enbridge Buys Into North Sea Wind Park At $1.7B

Enbridge (TSX, NYSE:ENB), Canada's largest pipeline company, has acquired a 49.9 percent stake in German energy firm EnBW’s offshore wind park in a $1.7 billion deal including financing and transaction costs.

EnBW’s 1.8 billion euro ($1.9 billion) Hohe See wind park, to be located in the North Sea, has a planned capacity of about 500 megawatts (MW), which makes it one of Europe’s largest projects of its kind and the German utilities company’s largest park to date.

Enbridge and EnBW will jointly finance the wind park from construction through to commissioning in 2019, shouldering roughly half the investment sum each.

EnBW will be in charge of operating and maintaining the finished park based on a service and management contract, it said in a statement.

The partnership opens the door for Enbridge to participate in EnBW’s expansion project Albatros, for which an investment decision is expected early this year.

The Calgary-based company, which is mainly involved in oil and gas pipelines throughout Canada and the US and natural gas distribution in Ontario, said Thursday it had won US antitrust approval for a $28-billion merger Spectra Energy Corp. The deal creates North America’s biggest energy infrastructure company.

Enbridge logged Friday $1.78 billion in net income for 2016, or $1.95 per common share. It had $2.08 billion, or $2.28 per share of adjusted earnings, after excluding a number of items.

In the fourth quarter ended Dec. 31, it had $365 million of net income, or 39 cents per share. Adjusted earnings were $522 million or 56 cents per share.

By Cecilia Jamasmie via Mining.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News