Canada

Canada

Oil pipeline operator makes $326 million wind investment

CANADA: Oil pipeline operator Enbridge has agreed to invest C$330 million ($326 million) in the 300MW Lac Alfred wind project in Quebec.

Lac Alfred uses 2MW Repower turbines
Lac Alfred uses 2MW Repower turbines

The project, which is located 400km north of Quebec City in the Bas-Saint Laurent region, is being developed by EDF EN.

Under the deal, Endbridge will acquire a 50% share of the wind farm.

Lac Alfred uses 2MW Repower turbines. The first phase of the project is set to be completed by December 2012, with the second phase due 12 months later.

A 20-year power purchase agreement is in place with Hydro-Quebec.

Al Monaco, president, Enbridge gas pipelines, green energy & international said: "Quebec is an attractive investment environment for us given the province's wind capacity target of 4,000 MW by 2015, the availability of long term power purchase arrangements there, and the province's accessible transmission infrastructure.

"The project advances Enbridge's strategy to invest in renewable energy infrastructure as part of a sustainable power generation platform with solid returns, stable cash flow and environmental benefits."

In September Enbridge, which owns and operates the world's longest crude-oil pipeline system and Canada's largest natural-gas distribution company, announced the C$70 million (US$71.6 million) acquisition of the 345-kilometre, 230kV Montana-Alberta Tie Line (MATL) transmission project.

 

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