Enbridge Inc.

Enbridge Inc.
EDF EN Canada Inc.

November 03, 2011 02:30 ET

EDF EN Canada Inc. and Enbridge Partner in the 300-MW Lac Alfred Wind Project in Quebec

CALGARY, ALBERTA & MONTREAL, QUEBEC--(Marketwire - Nov. 3, 2011) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) and EDF EN Canada Inc. announced today that they have signed an agreement under which Enbridge will invest about $330 million to acquire a 50 per cent interest in and become a co-owner of the 300-megawatt (MW) Lac Alfred Wind Project.

"The Lac Alfred Project marks Enbridge's entree into the growing Quebec wind energy market, the second largest in Canada," said Al Monaco, President, Gas Pipelines, Green Energy & International. "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," Mr. Monaco added. "We're delighted to partner with EDF EN Canada Inc., a proven wind energy developer and operator."

"EDF EN Canada is pleased to launch this partnership and engage in a co-ownership relationship with Enbridge," said Tristan Grimbert, President and CEO of EDF EN North America. "As an integrated operator we take a balanced approached to our project portfolio and this agreement provides an opportunity to further our ambition as a world-class renewable project developer. The mutual confidence and collaboration between our two companies demonstrates solid business practices and secures a strong Quebec and Canadian presence."

The project, located 400 kilometres north east of Quebec City in Quebec's Bas-Saint-Laurent region, will consist of 150 wind turbines supplied by REpower and made with locally-manufactured blades, towers and converters. Construction is slated to take place in two phases: Phase 1, which began in June 2011, is expected to be finished in December 2012, while Phase 2 is expected to be completed in December 2013. When fully operational, the project will generate enough clean electricity to meet the needs of about 70,000 homes.

EDF EN Canada Inc. will continue to lead and manage the construction phase under a fixed price, turnkey engineering, procurement and construction (EPC) agreement. EDF EN Canada Inc.'s operation and maintenance affiliate, enXco Service Canada Inc., will provide long-term operations and maintenance (O&M) services. Hydro-Quebec will buy the power under a 20-year power purchase agreement (PPA) and construct the 30-kilometre transmission line to connect the project to the grid under an interconnection agreement.

The transaction is subject to customary conditions precedent, including the consent and approval of Hydro-Quebec Distribution and Hydro-Quebec TransEnergie.

Lac Alfred Wind Project at a glance:

Location:                Bas-Saint-Laurent region of Quebec                 
Capacity Peak:           300 MW                                             
Annual Yield:            Almost 1 million MWh                               
Equivalent Homes Served: About 70,000                                       
Technology (turbines):   150 REpower 2-MW turbines                          
Construction:            Fixed price, turnkey EPC contract                  
Energy Purchaser:        Hydro-Quebec (20 year agreement)                   
Interconnection:         Hydro-Quebec                                       
Construction:            Began - June 2011/Phase II Completion- December    
Jobs created:            More than 150 jobs in the community during         
                         construction; up to 15 local, full-time operational

About Enbridge

Enbridge Inc., a Canadian company, is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an emerging focus on power transmission and carbon dioxide transportation and sequestration. As a generator of energy, Enbridge has interests in close to 860 megawatts of renewable and green energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 6,400 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

About EDF EN Canada Inc.:

EDF EN Canada Inc., an EDF Energies Nouvelles Company, is a market leader in renewable energy development, with an integrated approach that covers every aspect of project origination and implementation through to electricity generation, operations and maintenance. The company offers financial strength, technical innovation and an unmatched commitment to customer service. EDF EN Canada Inc. draws on the market leadership of enXco, Inc., EDF Energies Nouvelle's US affiliate. With 5,162 MW of renewable energy projects in service or under construction worldwide, EDF EN is at the forefront of renewable energy development. www.edf-en.ca

Contact Information