- Enbridge Inc. (ENB) has acquired Tri Global Energy, a U.S. renewable project developer, for US$270 million
- Another US$50 million in payments may be made by Enbridge, depending on the successful execution of Tri Global’s project portfolio
- Tri Global’s portfolio is anticipated to generate development fees and growth to distributable cash flow per share in the first year of ownership
- Enbridge Inc. (ENB) is down 1.47 per cent and is trading at $51.66 per share as of 3:57 p.m. ET.
Natural gas company, Enbridge Inc. (ENB), has acquired Tri Global Energy, a U.S. renewable project developer, for US$270 million.
Also, up to approximately US$50 million in payments may be made by Enbridge, depending on the successful execution of Tri Global’s project portfolio. Tri Global is currently the third largest onshore wind developer in the US, with a development portfolio of wind and solar projects.
Al Monaco, Enbridge’s President and CEO, commented,
“[Tri Global’s] significant development pipeline, coupled with our renewable capabilities and existing self-power opportunities, make this a truly synergistic investment that further positions us to grow organically at attractive equity returns… further strengthening our capabilities as we ramp up our renewable business.”
Enbridge stated it expects North American renewable power fundamentals to remain robust as it focuses on investing in modern energy delivery infrastructure for sustainable living.
Tri Global’s large portfolio is anticipated to generate development fees and growth to distributable cash flow per share in the first year following the acquisition. In addition, 3.00 gigawatts of late-stage development of wholly-owned projects are expected to be placed into service between 2024 and 2028.
Tri Global has already developed and monetized over 6.00 gigawatts of utility-scale renewable projects since 2009, and its team will remain in place following the closing of the acquisition.
Enbridge Inc. (ENB) is down 1.47 per cent and is trading at $51.66 per share as of 3:57 p.m. ET.