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Enbridge has entered into agreements with the Canada Pension Plan Investment Board (CPPIB) to monetise a 49 percent interest in select North American onshore renewable power assets, as well as 49 percent of Enbridge's interests in two German offshore wind projects (Hohe See, and related expansion) through a newly created joint venture with CPPIB, for approximately CAD$1.75 billion.

The assets being contributed by Enbridge to the joint venture include all of Enbridge's Canadian renewable power assets, held through Enbridge Income Fund, as well as two US assets, namely the Cedar Point Wind Farm in Colorado and the Silver State North Solar Project in Nevada.

Under the terms of the agreements, CPPIB will fund its 49 percent pro-rata share of the remaining construction capital required to complete the Hohe See projects (offshore Germany), which are scheduled to come into service at the start of 2020. This additional capital commitment is estimated at approximately CAD$0.5 billion. Enbridge and its affiliates will continue to manage, operate and provide administrative services for the renewable power assets.

Further, Enbridge and CPPIB have entered into an agreement whereby the two parties will form a 50-50 joint venture for the pursuit of future European offshore wind projects. These projects may be in the early development, late development, construction or operational phase.
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