) and EDF EN Canada Inc., a subsidiary of EDF Energies Nouvelles
(ENB.TO), entered into a partnership to acquire the 300 megawatt
(MW) Blackspring Ridge Wind Project, situated in Vulcan County,
Alberta from Greengate Power Corporation. The clean energy
generated from the project will be sold to Pacific Gas and
Electric Company, a unit of
), under a 20-year purchase agreement.
ENBRIDGE INC (ENB): Free Stock Analysis
OILTANKING PTNR (OILT): Free Stock Analysis
PG&E CORP (PCG): Free Stock Analysis
SEMGROUP CORP-A (SEMG): Free Stock Analysis
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Per the agreement, EDF EN Canada and Enbridge will each own 50%
of the project and the total investment in this wind project will
be nearly $600 million. The project will be able to generate
enough electricity to power 140,000 homes.
This project is in the late stages of development and EDF EN
Canada will be entrusted with the duty to build the project under
a fixed price engineering, procurement and construction
contract. This project will generate electricity from its
166 Vestas V100-1.8 MW wind turbines. The construction work is
expected to begin in the second quarter of 2013 and will be ready
for commercial operation in mid-summer 2014.
The fresh investment in wind assets will enable Enbridge to
retain its position as the second largest wind generator in
Canada. We believe Alberta is an attractive destination for wind
investment due to its high wind capacity factor and in-place
infrastructure for transmitting electricity to consumers.
Besides Alberta, Enbridge has been expanding in other areas of
Canada and adding to its existing wind assets. In 2012, Enbridge
added to its wind generation capacity by acquiring a 50% interest
in the 150-MW Massif du Sud development and another 50% interest
in the development of the 300-MW Lac Alfred Wind Project. Both
these assets were in Quebec.
Enbridge Inc. currently retains a Zacks Rank #4 (Sell). Currently
we favor other operators like
Oiltanking Partners L.P.
). While SemGroup holds a Zacks Rank #1 (Strong Buy), Oiltanking
Partners carries a Zacks Rank #2 (Buy).
Based in Calgary, Canada, Enbridge Inc. was founded in 1949. This
pipeline operator is engaged in the distribution and
transportation of crude oil and natural gas in the United States