Enbridge and Eon take on shares for new UK offshore wind project
Posted on: 06/11/2015

Canadian-based energy giant Enbridge has signed an agreement for a 24.9% stake in the 400MW UK Rampion wind project with Eon for roughly £380m.

The UK offshore wind project, located 13km off the Sussex coast, initiated its constructions works in September of this year, and is expected to be completed by 2018. The deal includes all interest during construction, transaction costs, and a development fee, all of which will be expected to cost around £1.3bn. Enbridge will hold 24.9% interest, and Eon 50.1%, with the remaining 25% owned by UK Green Investment Bank.

UK Green Investment Bank's head of investment banking Ed Northam said: "Securing Enbridge's first investment in offshore wind is a major success for Rampion and the wider development of green infrastructure projects in the UK.

The project falls under the UK’s fixed price Renewable Obligation Certificates programme and is also supported with a 15 year power purchase agreement. Once operating, the site is predicted to supply clean power to the equivalent of up to 300,000 homes.

Enbridge president and CEO Al Monaco said: "Rampion provides a timely and effective entry point to the European offshore wind business and it supports our objective of developing new platforms, which extend and diversify our industry leading growth beyond 2019."

E.ON and Enbridge have already partnered on two projects before, for the Magic Valley wind farm in Texas and the Wildcat wind farm in Indiana. Adrian Scholtz, head of renewables at KPMG Corporate Finance, advised on the deal and said it showed a growing global appetite for offshore wind energy.

It marks the latest in a series of positive announcements for the offshore wind industry. Last week, RWE announced it had secured financing to build the £1.5bn Galloper offshore wind farm, and DONG Energy reached financial close on the Walney 3 offshore wind farm which is set for construction in the Irish Sea.

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