CALGARY, ALBERTA AND MONTREAL, QUEBEC–(Marketwire – Nov. 19, 2009) –
Enbridge Inc (TSX:ENB) (NYSE:ENB) and Renewable Energy Systems Canada Inc. (RES Canada) an affiliate of RES Americas, announced today that they have entered into an agreement to develop a 99 megawatt (MW) wind energy project near Chatham, Ontario in which Enbridge will have a majority interest. The total investment in the project by both parties is approximately $285 million. The Project will be structured as a limited partnership owned by Enbridge and RES Canada.
Construction of the project will be undertaken by RES Canada under contract to the partnership.
“The positive steps the Ontario government is taking to encourage and support a thriving renewable energy industry, combined with our existing presence through the 190 MW Enbridge Ontario Wind Project, make the Talbot Wind Energy Project an excellent fit with Enbridge’s strategy to expand its renewable energy platform across Canada and the U.S.,” said Patrick D. Daniel, President and Chief Executive Officer, Enbridge Inc. “Investing in renewable energy diversifies our business and further strengthens our financial position with stable cash flow, attractive returns and reduced business risk.
“The Talbot Wind Energy Project will advance Enbridge’s commitment to an environmentally neutral footprint by 2015 while generating attractive economics. Talbot Wind Energy is expected to avoid the emission of approximately 106,600 tonnes of carbon dioxide each year, and represents a significant step forward in our objective of generating a kilowatt of renewable energy for every kilowatt consumed by our operations,” said Mr. Daniel.