CALGARY, ALBERTA--(Marketwired - Feb. 17, 2017) - Enbridge Inc. (TSX:ENB)(NYSE:ENB) (Enbridge or the Company) today announced it has acquired an effective 50 percent ownership in the 497-megawatt (MW) Hohe See offshore wind project from EnBW, a German utility, who will retain the remaining interest. Hohe See is a late design-stage project located in the North Sea, 98 kilometers off the coast of Germany. As co-developer, Enbridge will participate in the construction and operation of the project. Once in service in late 2019, Enbridge's total investment in the project will be $1.7 billion (EUR1.07 billion). The project is expected to be strongly accretive in the first full year of operations.

"Offshore wind presents promising large-scale opportunities to increase Enbridge's presence in the renewable power business and is one of our key platforms in the growth of our enterprise going forward," Enbridge President and CEO Al Monaco said of the transaction. "We like this business, and this project in particular, as it is supported by strong commercial underpinnings and provides attractive returns that are consistent with our investor value proposition.

"This partnership also provides an option for further future investment in a planned 112-MW expansion of the offshore wind farm, providing Enbridge with an additional organic growth opportunity within the European offshore wind market," added Mr. Monaco. "EnBW is an excellent partner and leader in German power generation and offshore wind development and we look forward to working together to execute on this project and potential future opportunities.

"This project represents an attractive opportunity for Enbridge to extend growth beyond 2019 and highlights the strength of the $48 billion in probability weighted development projects that we introduced in conjunction with our Spectra acquisition announcement. These projects, among others, will support the extension of our 10-12 percent annual dividend per share growth rate through 2024," concluded Mr. Monaco.

Under the German government's offshore wind incentive structure, power generated by this project will effectively receive long-term fixed pricing for a period of 20 years. Development and construction has been de-risked as the project has now achieved all key regulatory approvals and fixed-price engineering, procurement, construction and installation contracts have been secured with key suppliers representing more than 90 percent of the project capital costs.

Enbridge's investment in 2017 will be $0.6 billion (EUR0.44 billion) with the remaining capital to be invested through to the in-service date in 2019. Equity financing needs for the full $1.7-billion investment have been pre-funded through financing actions completed in the fourth quarter of 2016, specifically through the preferred share and hybrid instrument offerings.

EnBW is one of the largest energy supply companies in Germany and Europe, with significant experience in construction and operation of offshore wind assets. The company developed the first commercial offshore wind farm in Germany, which has been in operation since 2011.

"We are pleased to join forces with Enbridge in delivering this project," said EnBW CEO Frank Mastiaux. "EnBW has established a strong position in offshore wind and together with Enbridge, we will combine our expertise and advance our joint interest in this growing sector."

Enbridge has several projects under development in the European offshore wind market, including a 24.9 percent stake in the 400-MW Rampion wind project off the coast of England (expected to be fully operational in 2018), and a 50 percent interest in French offshore wind development company olien Maritime France SAS, which is pursuing three large-scale offshore wind that would produce a combined 1,428 megawatts (MW) of power and are subject to final investment decision.

Enbridge's financial advisor for this transaction was J.P. Morgan Securities LLC and its legal advisor was Dentons.

About Enbridge Inc.

Enbridge, a Canadian Company, exists to fuel people's quality of life, and has done so for more than 65 years. A North American leader in delivering energy, Enbridge has been ranked on the Global 100 Most Sustainable Corporations index for the past eight years. Enbridge operates the world's longest crude oil and liquids transportation system across Canada and the United States and has a significant and growing involvement in natural gas gathering, transmission and midstream business, as well as an increasing involvement in power transmission. Enbridge owns and operates Canada's largest natural gas distribution company, serving residential, commercial and industrial customers in Ontario, Quebec, New Brunswick and New York State. Enbridge has interests in approximately 2,500 MW of net renewable and alternative generating capacity, and continues to expand into wind, solar and geothermal power. Enbridge employs approximately 9,200 people, primarily in Canada and the United States and has been ranked 15 times on the annual Canada's Top 100 Employers list, including the 2017 index. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit http://www.enbridge.com.

Forward Looking Information

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements with respect to regulatory approvals, targeted in-service dates; funding of the investment in the Hohe See offshore wind project; growth of Enbridge; and extension of annual dividend per share growth Although the Company believes these forward-looking statements are based on information which is current, reasonable and complete, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include the following: the receipt of regulatory approvals; the realization of anticipated benefits of the investment in the Hohe See offshore wind project; the expected supply of and demand for renewable energy; commodity prices; timing of closing and impact of the combination with Spectra Energy Corp; satisfactory completion of projects under development and exchange rates, inflation and interest rates. The Company's forward-looking statements are subject to risks and uncertainties pertaining to project development; regulatory approvals; construction and completion; targeted in-service dates; operating performance; regulatory parameters; weather; commodity prices; supply of and demand for renewable energy, economic and competitive conditions; and exchange rates, inflation and interest rates. The Company cautions that the foregoing list of factors is not exhaustive. Additional information about these and other assumptions, risks and uncertainties can be found in applicable filings of the Company with Canadian and U.S. securities regulators. Except to the extent required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise.

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Enbridge Partners with EnBW on 497-MW German Offshore Wind Project - Marketwired (press release)