Enbridge has announced the acquisition of a 24.9 per cent interest in the 400MW Rampion Offshore Wind Project in the UK. The company's total investment in the project is expected to be CAD $ 750 million inclusive of all interest during construction, transaction costs and a development fee.
The project was developed and is being constructed by E.ON Climate & Renewables UK Limited. Located 13 kilometres off the UK Sussex coast, at its nearest point, the project is backed by revenues from the UK's fixed price Renewable Obligation Certificates program and a 15-year power purchase agreement. Comprised of 116 Vestas V112-3.45MW turbines, construction of the wind farm began in September 2015 and is expected to be fully operational in 2018. Under the terms of the agreement Enbridge will become one of three shareholders in Rampion Offshore Wind Limited which owns the project. The UK Green Investment Bank plc holds a 25 per cent interest, and E.ON will retain the balance of 50.1 per cent.
