By Adriano Marchese
Enbridge said Wednesday that it has signed an agreement to form a joint venture with EDF Renewables to build and operate a solar project in Ohio.
The Canadian energy infrastructure company said the definitive agreement is for a 50% interest in a JV with EDF Renewables for the Fox Squirrel solar project in Madison County.
The project is expected to be constructed in three phases. Initially, it is seen generating about 150 megawatts of solar energy, and would ultimately deliver up to 577 megawatts of renewable energy to the grid by the end of next year.
Enbridge plans to invest $149 million in the first phase and plans to reach a final investment decision in the following phases throughout next year.
The company said the project has 20-year fixed-price power purchase agreements with a strong investment grade counterparty for the full generation capacity.
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(END) Dow Jones Newswires