Canada Pension Plan Investment Board (CPP Investments), through its wholly-owned subsidiary CPPIB Renewables Europe S.à r.l, has agreed to sell its 24.5 per cent stake in two German offshore wind farms to a wholly-owned subsidiary of Enbridge.
Under the transaction, CPP Investments will sell its stake in Hohe See and Albatros offshore wind farms, which have a total capacity of 610 MW.
CPP Investments’ net proceeds from the transaction, after certain costs and adjustments, are expected to be CAD 374 million (about EUR 255 million).
The transaction is subject to customary conditions and is expected to be completed by the end of 2023.
The wind farms are located approximately 100 kilometres from the German North Sea coast and began operating in 2019 and 2020.
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Together, the projects produce a combined 2.5-million-megawatt hours of electricity, supplying energy to more than 700,000 households, said CPP Investments.
The offshore wind farms feature 87 Siemens Gamesa SWT-7.0-154 wind turbines.
CPP Investments acquired its interest in the offshore wind assets as development projects from Enbridge in 2018 as part of a broader renewable power partnership that continues in other areas of Europe and North America.