Enbridge Inc. agreed Thursday to pay $270 million to buy Tri Global Energy LLC (TGE), a top U.S. wind and solar company with a portfolio that includes 45 generating sites in seven states.
The takeover, which includes debt, adds a built-in bonus of up to $50 million if all of TGE’s projects now on the drawing board are completed.
The Dallas-based firm is currently the third largest onshore wind developer in the United States, 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,” CEO Al Monaco said. “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.”
Enbridge noted that higher targets for state renewable portfolio standards and private sector demand for zero carbon electricity “are set to drive investment in wind and solar power generation significantly higher in the next decade.”
Tri Global also would enhance Enbridge’s sustainability goals, whose ambition is to become net-zero carbon by reducing its reliance on oil and gas.
TGE’s development portfolio contains 3.9 GW of projects sold to power supply operators and 3 GW of generators that are scheduled for completion by 2028.
TGE’s completed projects to date have about 6 GW of capacity. The roster includes 31 sites in Texas, five in Illinois, five in Indiana, and one in each of Nebraska, Pennsylvania, Virginia and Wyoming.
Onshore wind power dominates the slate, with TGE ranking among the top three in the United States.
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