North American Windpower: Acquires Interest In Wind Projects

by NAW Staff on Thursday 21 September 2006

Enbridge Income Fund has agreed to acquire Enbridge Inc.'s interests in three wind power projects in western Canada for $42 million plus post-closing purchase price agreements - the SunBridge project at Gull Lake, Saskatchewan (50% interest), and Magrath and Chin Chute projects in Alberta (33.3% interest each).

The three projects will collectively have the capacity to generate 71 MW of power, the company says. They are an attractive investment because of the long-term power purchase agreements that are expected to provide a stable cash flow to the fund.

"The acquisition is an excellent fit for Enbridge Income Fund," says Jim Schultz, Enbridge Management Services Inc.'s president, "and is a first step in initiating the acquisition-based component of the fund's growth strategy to acquire energy infrastructure assets."

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