By Adriano Marchese


Enbridge Inc. has acquired renewable project developer Tri Global Energy in the U.S. for $270 million as it looks to accelerate growth in North America.

The Canadian energy infrastructure company said Thursday that TGE is one of the largest onshore wind developers in the U.S., with a development portfolio of wind and solar projects representing more than 7 gigawatts of renewable generation capacity.

The acquisition is expected to enhance Enbridge's renewable platform thanks to TGE's large development portfolio which it said is in a good position to capitalize on growing private sector demand for zero-carbon electricity in North America.

Enbridge said it could pay up to another $50 million contingent on successful execution of TGE's project portfolio.

"TGE's significant development pipeline, coupled with our renewable capabilities, and existing self-power opportunities, make this a truly synergistic investment that further positions us to grow organically at attractive equity returns," Enbridge President and Chief Executive Al Monaco said.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

09-29-22 0833ET