Acquires Interest In Wind Projects
NAW Staff, Thursday 21 September 2006 - 01:00:00
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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