• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 26 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days Once seen as fleeting, a new solar tech proves its lasting power
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 hours Bloomberg - "Hedge Funds Hit by ‘Onerous’ ESG Rule Turn to Lawyers for Help"

Enbridge To Sell More Than $7B In Non-Core Assets

Enbridge is looking to cut its 50-percent stake in a German offshore wind project, Bloomberg reported on Thursday, citing sources familiar with the plan that comes as the Canadian energy infrastructure company is targeting to sell US$7.8 billion (C$10 billion) worth of non-core assets.

Enbridge is said to be looking to offload part of its 50-percent interest in the German offshore wind farm Hohe See, currently under construction in the North Sea. Enbridge bought the 50-percent stake in the project in February last year, and said that its total investment would be US$1.33 billion (C$1.7 billion).

Brookfield Asset Management, pension fund Caisse de Depot et Placement du Quebec (CDPQ), and Macquarie Group’s Green Investment Group are preparing bids for Enbridge’s stake in the German offshore wind project, Bloomberg’s sources said.

Enbridge has been seeking to cut debt and streamline businesses after it acquired Spectra Energy last year to create the largest energy infrastructure company in North America with an enterprise value of around US$130 billion (C$166 billion).

In November 2017, Enbridge said that it would be rationalizing its asset mix to a pure regulated pipeline and utility business model with three core businesses—Liquids Pipelines and Terminals, Gas Transmission and Storage, and Gas Utilities. The company has identified US$7.8 billion (C$10 billion) of non-core assets that it would sell and plans to sell or monetize a minimum of US$2.34 billion (C$3 billion) of those in 2018.

Related: Trade War Looms Over Oil Markets

“In 2018, at least $3 billion of certain unregulated gas midstream and onshore renewables businesses will be sold or monetized,” Al Monaco, President and CEO, said back then.

Earlier this week, Bloomberg reported, quoting people familiar with the issue, that Enbridge had hired Royal Bank of Canada to help it to sell a package of gas gathering and processing assets in British Columbia and Alberta that was owned by Spectra Energy and that could fetch more than US$1.56 billion (C$2 billion) in proceeds.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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