Enbridge Inc. has acquired renewable project developer Tri Global Energy (TGE) for $270 million in cash and assumed debt. Additionally, up to approximately $50 million in payments could be made contingent on successful execution of TGE’s project portfolio.
TGE currently has a development portfolio of wind and solar projects representing more than 7 GW of renewable generation capacity.
“TGE will enhance Enbridge’s renewable platform and accelerate our North American growth strategy,” says Al Monaco, Enbridge’s president and CEO. “TGE’s significant development pipeline, coupled with our renewable capabilities, and existing self-power opportunities, make this a truly synergistic investment that further positions us to grow organically at attractive equity returns. We’re excited to be welcoming the TGE team to Enbridge, further strengthening our capabilities as we ramp up our renewable business.”
TGE’s development portfolio includes 3.9 GW of renewable generation projects TGE previously sold to operators, which will generate development fees and accretion to distributable cashflow per share in the first year following the acquisition of TGE. In addition, 3 GW of late-stage development of wholly owned projects are expected to be placed into service between 2024 and 2028.
