Canadian energy firm Enbridge will invest C$400 million ($296 million; €266 million) to acquire a 49.9 percent share of the 112MW Albatros offshore wind farm, under construction in the German North Sea, from the site’s majority owner, EnBW.
EnBW will retain the remaining 50.1 percent of Albatros, which will feature 16 turbines. The deal will see the two firms jointly oversee and finance the project after the deal closes; Enbridge will co-develop the wind farm, while EnBW will be responsible for management and maintenance when the site is operational.
Enbridge had previously agreed to invest C$1.7 billion ($1.26 billion; €1.12 billion) in the 500MW Hohe See wind farm, located alongside Albatros in the North Sea’s exclusive economic zone and set to be the largest wind farm in Germany. That deal gave Enbridge the option to invest in the Albatros project, expanding on the pair’s collaboration.
“Offshore wind presents promising large-scale opportunities to increase Enbridge's presence in the renewable power business and is one of our key platforms in the growth of our enterprise going forward,” Enbridge chief executive Al Monaco said when the Hohe See investment was announced in February.
EnBW also owns the Baltic 1 and Baltic 2 wind farms in the Baltic Sea.