EON sells US wind farms to Enbridge for $650m

E.ON has sold an 80 per cent stake in two US wind farms to Canadian energy firm Enbridge for $650m.

The 203 MW Magic Valley 1 wind farm in Texas and the 202 MW Wildcat 1 project in Indiana both came into service in 2012. Magic Valley wind farm

Enbridge is best known as an energy transportation company, moving oil and gas around North America, and it also owns and operates Canada's largest natural gas distribution company.

It has also moved into acquiring power generation assets and in the last five years has spent $3bn on 1800 MW-worth of wind, solar, geothermal and alternative energy stakes.

Enbridge’s senior vice-president of corporate development, Vern Yu, said that the E.ON deal “extends our renewable platform in the US, complementing our existing wind farm presence in Texas and establishing Enbridge in the Indiana renewable market”.

“This strategic investment provides a significant contribution to our growth targets in power generation,” he added.

E.ON, which will keep a 20 per cent stake in the wind farms and remain their operator, said the deal was “consistent with its ‘build and sell’ strategic approach”.

The German company currently operates over 2700 MW of renewable capacity in the US.

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