Enbridge Inc. will invest $1.7B in a North Sea offshore wind energy project off of the coast of the Germany.
This Calgary-based company will have 50% of ownership of the Hohe See project as soon as the staged invetment has been completed. On the other hand, the German utility, EnBW, will go on to own the other 50% of the project.
The company is primarily involved in the oil and gas pipelines throughout the country; USA distribution and natural gas distribution in the province of Ontario and is also investing in the hydroelectric, wind, solar and geothermal power generation projects.
As of now, Enbridge will spend $600M on the project and the balance of $1.1B will be invested through to 2019. This is the year the project is expected to be in service.
What will be the price of the power generated?
Well, according to the German government incentive program, the power that the wind farm creates will be sold at fixed prices for the next 2 decades.
As of last week Friday, the company had $1.78B of net income in 2016.