Parent Of Energy Marketer Acquires Renewable Project Developer

Enbridge Inc. ("Enbridge" or "the Company") announced that it has acquired Tri Global Energy ("TGE"), a U.S. renewable project developer, for US$270 million in cash and assumed debt.

Additionally, up to approximately US$50 million in payments could be made contingent on successful execution of TGE's project portfolio.

"TGE is currently the third largest onshore wind developer in the US, with a development portfolio of wind and solar projects representing more than 7 GW of renewable generation capacity," Enbridge said

"TGE will enhance Enbridge's renewable platform and accelerate our North American growth strategy," said Al Monaco, Enbridge's President and Chief Executive Officer.

TGE's development portfolio includes 3.9 GW of renewable generation projects TGE previously sold to operators, which Enbridge said will generate development fees and accretion to distributable cashflow per share in the first year following the acquisition of TGE, plus 3 GW of late-stage development of wholly owned projects are expected to be placed into service between 2024 and 2028

TGE's development team will remain in place following closing of the transaction