Enbridge receives guidance from Dentons on broadening its offshore wind presence in Germany.
Enbridge Bolsters Renewable Energy Portfolio with Acquisition of Hohe See and Albatross Offshore Wind Farms
In a strategic move to expand its renewable energy portfolio, Enbridge Inc., a leading North American energy infrastructure company, has announced the acquisition of Canada Pension Plan Investment Board's (CPPIB) 24.45% stake in the German offshore wind farms Hohe See and Albatross for €625 million.
Dentons, a globally renowned law firm, acted as the exclusive legal advisor to Enbridge on this transaction. This is not the first time Dentons has worked with Enbridge, having previously advised them on their initial investment in the Hohe See and Albatross offshore wind farms in 2017 and a joint venture with CPPIB in 2018.
The Hohe See and Albatross offshore wind farms, located in the North Sea, produce a combined 2.5 million megawatt hours of electricity each year, enough to supply electricity to more than 700,000 households. The acquired stake will increase Enbridge's indirect ownership of Hohe See and Albatross to 49.89%.
Enbridge's interest in renewable and alternative power generation currently stands at 2,175 MW net, and the company intends to continue investing in wind and solar. This acquisition adds to Enbridge's regionally diversified and growing renewable portfolio, further solidifying its commitment to a sustainable energy future.
Enbridge operates a vast network of energy infrastructure, including the world's largest crude oil and liquids pipeline system in Canada and the US, Canada's largest gas distribution system, and a portfolio of natural gas gathering, transmission, and processing assets.
The law firm that provided legal advisory services for CPPIB was Orrick Herrington & Sutcliffe LLP. Dentons' continued service as the advisor of choice for global companies in the energy sector underscores its role in providing innovative and strategic advice to help companies achieve their business objectives in the fast-changing energy sector.
Enbridge's strategic investments in renewable energy demonstrate its forward-thinking approach to the energy industry and its commitment to a sustainable future. The company's focus on diversifying its energy sources and expanding its renewable portfolio positions it well for continued growth and success in the years ahead.
