Enbridge buys Tri Global Energy for $270 mn

Dollar in Green Business

Enbridge has acquired Tri Global Energy (TGE), a renewable energy project developer, for $270 million in cash and assumed debt.

In addition, Enbridge may also pay up to $50 million depending on execution of TGE’s project portfolio.

TGE is the third largest onshore wind developer in the US, with a development portfolio of wind and solar projects representing more than 7 GW of renewable generation capacity.

“TGE will enhance Enbridge’s renewable platform and accelerate our North American growth strategy,” said Al Monaco, Enbridge’s President and Chief Executive Officer.

TGE’s large development portfolio is well-positioned to capitalize on this growth, including 3.9 GW of renewable generation projects TGE previously sold to operators, which will generate development fees and accretion to distributable cashflow per share in the first year following the acquisition of TGE.

In addition, 3 GW of late-stage development of wholly owned projects are expected to be placed into service between 2024 and 2028, providing a visible ramp up in cash flows along with a large slate of further projects in earlier stage development beyond that period.

The TGE team has developed and monetized over 6 GW of utility scale renewable projects since its inception in 2009.