Enbridge to spend $149M to build, operate solar project JV in Ohio (NYSE:ENB) - Seeking Alpha
Enbridge to spend $149M to build, operate solar project JV in Ohio (NYSE:ENB) | Seeking Alpha
Enbridge to spend $149M to build, operate solar project JV in Ohio
Enbridge Inc. (ENB),
ENB:CA By:
Carl Surran, SA News Editor
29 Comments Justin Paget
Enbridge (NYSE: ENB) said Wednesday it signed a definitive agreement to form a 50-50 joint venture with EDF Renewables to build and operate the Fox Squirrel solar project in Ohio.
Enbridge ( ENB) said it plans to invest US$149M in the first phase of the project that is expected to generate 150 MW of solar energy and enter service by year-end.
Fox Squirrel will be constructed in three phases and is designed to ultimately deliver up to 577 MW of renewable energy to the utility grid by the end of 2024, the company said.
Enbridge ( ENB) said the project has 20-year fixed-price power purchase agreements with an unnamed "strong investment grade counterparty" for the full generation capacity.
The Fox Squirrel project is expected to be immediately accretive to distributable cash flow per share and will be "complementary to both our growth outlook and energy transition leadership," the company said.
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Related Knowledge Center: ENERGY BASICS: solar
Declining costs and government encouragement have resulted in a rapid increase in solar energy production in the United States over the past 10 years, although solar’s share remains small: 1.6 percent of all electricity generation in 2018. That rapid growth is projected to continue.