OIL - Enbridge to Expand Partnership with EDF Renewables with Investment in Fox Squirrel Solar Project | Benzinga
CALGARY, AB, Nov. 15, 2023 /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) announced today that it has signed a definitive agreement to participate in the construction and operation of the Fox Squirrel solar project, through a 50% interest in a joint venture with EDF Renewables.
Fox Squirrel is a ground-mounted solar facility under construction in Madison County, Ohio. The initial phase is expected to generate approximately 150 MW of solar energy and be in service by year-end. The project 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. Enbridge will invest US$149 million in the first phase and plans to reach final investment decision on the following phases throughout 2024, assuming certain conditions are met.
The project has 20-year fixed-price power purchase agreements with a strong investment grade counterparty for the full generation capacity.
"This partnership expands Enbridge's strategic relationship with EDF Renewables while driving accretive renewables growth in North America. Fox Squirrel solar project will benefit the surrounding communities by adding local jobs, generating additional tax revenues for Madison County and will ultimately power approximately 118,000 Ohio homes with renewable energy. The project is expected to be immediately accretive to DCF per share and will be complementary to both our growth outlook and energy transition leadership" said Matthew Akman, Executive Vice President Corporate Strategy and President, Power.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power to advance new technologies including hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050. Headquartered ...