Enbridge Inc (TSX:ENB)
Shares Issued 2,024,926,494
Last Close 3/24/2023 $50.43
Monday March 27 2023 - News Release
Mr. Matthew Akman reports
ENBRIDGE'S JOINT VENTURE, AND EDF RENEWABLES, SELECTED TO DEVELOP FRANCE'S LARGEST OFFSHORE WIND FARM
Enbridge Inc. welcomes the decision by French government to select EDF Renewables, a wholly owned subsidiary of the French utility EDF Group, and Maple Power, the company's joint venture with Canada Pension Plan Investment Board (CPP Investments), to develop the future Normandy offshore wind farm (Centre Manche 1), with an expected installed capacity of one gigawatt.
Following the fourth offshore wind tender launched in January, 2021, the French Ministry of Energy Transition chose Eoliennes en Mer Manche Normandie, the project company owned by the EDF Renewables and Maple Power consortium, to design, build, operate and decommission the project.
"Enbridge is excited to be part of the development of France's largest offshore wind farm off the coast of Normandy, which will contribute to the French government's national strategy for carbon neutrality by 2050," said Matthew Akman, executive vice-president, corporate strategy, and president, Maple Power. "This decision further strengthens Enbridge's visible growth in offshore wind and role as a leader in the energy transition. It also comes at a crucial time as global energy challenges demonstrate that continued investment in reliable, secure, clean and affordable energy is needed."
The planned Normandy offshore wind farm will be located more than 32 kilometres off the north coast and is expected to be commissioned around 2030. Over the next few years, planning and permitting will be finalized, which will require minimal development expenditure leading to construction later this decade. The fixed-bottom project is expected to supply the equivalent of the annual consumption of approximately 1.5 million people, more than half of the electricity needs of the population of Normandy.
The Normandy offshore wind farm will be Enbridge, EDF Renewables and its partners' sixth offshore wind project in France. These projects are in development, construction and operation, including the country's first offshore wind farm off the coast of Saint-Nazaire (480 megawatts), which went into operation in late 2022. The Fecamp (500 MW) and Calvados (450 MW) offshore wind farms, and the Provence Grand Large floating offshore pilot project (25 MW) are in construction. EDF Renewables and Enbridge are also pursuing the development of the Dunkirk offshore wind farm (600 MW). Alongside CPP Investments, EDF and Enbridge plan to participate in the coming Brittany and Mediterranean floating offshore wind tender processes for an expected total installed capacity of 750 MW. With its partners, Enbridge's current operating investment in Europe includes the Rampion offshore wind farm off the coast of England (400 MW) and the Hohe See (497 MW) and Albatros (112 MW) offshore wind farms in the North Sea, off the coast of Germany.
About Enbridge Inc.
Enbridge safely connects millions of people to the energy they rely on every day, fuelling quality of life through its North American natural gas, oil or renewable power networks and its growing European offshore wind portfolio. Enbridge is investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies, including wind and solar power, hydrogen, renewable natural gas, and carbon capture and storage. The company is committed to reducing the carbon footprint of the energy it delivers, and to achieving net-zero greenhouse gas emissions by 2050. Headquartered in Calgary, Alta., Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges.
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