Canada Pension Plan Investment Board Announces C$1.75 Billion Acquisition of Renewable Power Assets in North America and Europe

May 9, 2018

S&C represents Canada Pension Plan Investment Board in its potential transactions with Enbridge Inc. and its related entities to acquire 49% of Enbridge's interests in select North American onshore renewable power assets, as well as 49% of Enbridge's interests in two German offshore wind projects (Hohe See, and related expansion), for approximately C$1.75 billion. Concurrently, CPPIB and Enbridge have entered into an agreement whereby the two parties will form a 50-50 joint venture to pursue future European offshore wind projects.

According to Bruce Hogg, Managing Director and Head of Power and Renewables at CPPIB in a statement issued by CPPIB, “Through this investment, we are able to gain immediate exposure to a high-quality portfolio of wind and solar assets across diversified energy markets in North America and Europe, further advancing our global power and renewables strategy.”

The newly acquired assets include 14 operating wind and solar assets in four Canadian markets and two operating wind and solar assets in the U.S., with a combined installed capacity of approximately 1.3GW. Enbridge and its affiliates will continue to manage, operate and provide administrative services to the North American and Hohe See projects.

Hogg added, “Since December 2017, CPPIB has committed to wind and solar investments in Brazil, India, Canada, and now the U.S. and Germany. Through the joint venture, we will have the opportunity to grow our renewables portfolio across the European offshore wind market.”

The core S&C team on the transaction was led by Christopher Mann, Craig Jones, Olivier de Vilmorin, Max Birke and Tia Barancik, along with Philipp Hartmann and Charlotte Ast. Alexander Apostolopoulos advised on tax matters.