Enbridge trims debt selling some renewable power assets
Enbridge Inc will sell a 49 per cent stake in some of its renewable power assets for $1.75 billion, the pipeline operator said on Wednesday, as it seeks to shed non-core businesses and reduce its massive debt load.
According to Reuters, the sale to the Canada Pension Plan Investment Board (CPPIB) includes solar and wind energy assets in North America and Germany, and advances Calgary-based Enbridge’s target of selling assets worth $3 billion this year.
For the CPPIB, the deal represents the second bet in as many months on renewable energy, as it takes advantage of low prices in the sector. The pension fund manager said last month it would buy U.S. utility NextEra Energy Partners’ wind and solar assets in Ontario for about $582 million.