Wind

The Canadians are coming: Enbridge adds to US green power haul with EDF buy-in

Calgary group invests $150m for 50% stake in largest solar project in state of Ohio

Matthew Akman of Enbridge.
Matthew Akman of Enbridge.Foto: Enbridge

Canadian energy giant Enbridge will invest $149m to become a 50% joint venture partner with EDF Renewables in the initial 150MW (AC) phase of the Fox Squirrel solar project in the US state of Ohio that is due online by yearend.

In 2024, Enbridge will decide whether to participate in two further phases totaling 427MW that will bring full capacity to 577MW, making it the largest solar facility in Ohio and among the largest in the US Midwest.

The first phase is due to enter full commercial operation in the fourth quarter. The project has 20-year fixed-price PPAs “with a strong investment grade counterparty” for its full capacity, according to the companies.

“"This partnership expands Enbridge's strategic relationship with EDF Renewables while driving accretive renewables growth in North America,” said Matthew Akman, president, power, at Enbridge, based in Calgary. “The project is expected to be immediately accretive to distributed cash flow per share.”

Enbridge’s partnership with EDF includes four Canadian wind joint ventures and five offshore wind joint ventures in France that are in varying stages of development and operation, Gina Sutherland, senior advisor, corporate communications, and media relations, at Enbridge, told Recharge.

EDF said when all three phases are complete, Fox Squirrel will be its largest onshore renewable energy project in the US.

Enbridge is among a growing group of Canadian energy companies, infrastructure and pension funds expanding their investments in US solar and wind to take advantage of a rapidly growing market and lucrative tax credits made available in the 2022 federal climate law.
However, Enbridge's CEO Greg Ebel recently made clear that the wind side of its US ambitions does not extend to offshore projects, as he branded North American wind at sea “not attractive” as an investment option compared to Europe, where “things actually get done on time”.
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Published 17 November 2023, 11:09Updated 17 November 2023, 11:09
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