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Enbridge seeks FERC approval to divest interests in 2 renewable facilities

The Canada Pension Plan Investment Board is seeking approval from the Federal Energy Regulatory Commission for a deal to indirectly acquire 49% of the equity interests in two renewable facilities from a subsidiary of Enbridge Inc.

Earlier in May, Enbridge unveiled plans to divest interests in certain North American and German renewable power assets to the board through a new joint venture for C$1.75 billion.

According to a June 11 application filed with FERC, a new to-be-formed subsidiary of the Canada Pension Plan Investment Board will acquire interests in the 252-MW Cedar Point Wind Farm in Colorado and the 52-MW Silver State North solar project in Nevada. The Enbridge subsidiary will retain 51% in the facilities at deal close.

The commission is asked to approve the deal by July 12. (FERC docket EC18-100)