Canada's Enbridge buys U.S. green power firm Tri Global

Altius Renewable Royalties

29/09/2022 15:52

Sept 29 (Reuters) - Enbridge Inc  ENB.TO  has acquired
U.S.-based renewable energy developer Tri Global Energy (TGE)
for $270 million and assumed its debt, the Canadian pipeline
operator said on Thursday.
    The all-cash deal strengthens Enbridge's North American
renewables portfolio, it said, adding that TGE is the
third-largest onshore wind developer in the United States.
 urn:newsml:reuters.com:*:nPnbnJbTSa
    "Rising targets for State renewable portfolio standards and
growing private sector demand for zero carbon electricity are
set to drive investment in wind and solar power generation
significantly higher in the next decade," Enbridge said.
    The Calgary-based firm also said it could make up to about
$50 million in additional payments as TGE completes certain
projects.
    Dallas-based TGE has developed and monetized more than 6 GW
of utility scale solar and wind projects since its inception in
2009.
    Earlier in the day, clean energy investor Altius Renewable
Royalties Corp  ARR.TO  said that even after Enbridge's buyout
it would continue to receive royalty contracts from projects in
TGE's current development pipeline until a joint venture hits
its threshold return on the $46.5 million it has invested in
TGE.  urn:newsml:reuters.com:*:nBw1bvY2da
    The royalty contracts are committed to Altius through Great
Bay Renewables LLC, the JV with affiliates of Apollo Global
Management Inc  APO.N .
 (Reporting by Ruhi Soni in Bengaluru; Editing by Maju Samuel)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))