CALGARY, AB, March 27, 2023 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) welcomes the decision by French government to select EDF Renewables, a wholly-owned subsidiary of the French utility EDF Group, and Maple Power, the Company's joint venture with Canada Pension Plan Investment Board (CPP Investments), to develop the future Normandy offshore wind farm (Centre Manche 1), with an expected installed capacity of 1 GW.
Following the fourth offshore wind tender launched in January 2021, the French Ministry of Energy Transition chose Eoliennes en Mer Manche Normandie, the project company owned by the EDF Renewables and Maple Power consortium, to design, build, operate and decommission the project.
"Enbridge is excited to be part of the development of France's largest offshore wind farm off the coast of Normandy, which will contribute to the French government's national strategy for carbon neutrality by 2050," said Matthew Akman, Executive Vice President, Corporate Strategy and President, Power. "This decision further strengthens Enbridge's visible growth in offshore wind and role as a leader in the energy transition. It also comes at a crucial time as global energy challenges demonstrate that continued investment in reliable, secure, clean and affordable energy is needed."
The planned Normandy offshore wind farm will be located more than 32 km off the north coast and is expected to be commissioned around 2030. Over the next few years, planning and permitting will be finalized, which will require minimal development expenditure leading to construction later this decade. The fixed-bottom project is expected to supply the equivalent of the annual consumption of approximately 1.5 million people, more than half of the electricity needs of the population of Normandy.
The Normandy offshore wind farm will be Enbridge, EDF Renewables and its partners' sixth offshore wind project in France. These projects are in development, construction and operation, including the country's first offshore wind farm off the coast of Saint-Nazaire (480 MW), which went into operation in late 2022. The Fécamp (500 MW), Calvados (450 MW) offshore wind farms, and the Provence Grand Large floating offshore pilot project (25 MW) are in construction. EDF Renewables and Enbridge are also pursuing the development of the Dunkirk offshore wind farm (600 MW). Alongside CPP Investments, EDF and Enbridge plan to participate in the upcoming Brittany and Mediterranean floating offshore wind tender processes for an expected total installed capacity of 750 MW. With its partners, Enbridge's current operating investment in Europe includes the Rampion offshore wind farm off the coast of England (400 MW) and the Hohe See (497 MW) and Albatros (112 MW) offshore wind farms in the North Sea, off the coast of Germany.
Forward Looking Information
Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements with respect to the Normandy offshore wind farm and Enbridge's participation therein, including the characteristics and benefits of such wind farm, expected installed capacity and expected in service dates.
Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, 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. Assumptions regarding the expected supply of and demand for crude oil, natural gas, natural gas liquids, liquified natural gas, renewable energy and other commodities, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services and other energy-related services and products. Similarly, energy transition, including the drivers and pace thereof, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's and others' services and products and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction, including estimated in-service dates and the realization of anticipated benefits, include the following: the impact of litigation and government, regulatory and stakeholder actions and approvals on construction and in-service schedules; the availability and price of labour and construction materials; the stability of the supply chain; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; technology-related matters; the impact of weather; and expectations about our partners' ability to complete and finance proposed projects.
Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge 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. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.
About Enbridge Inc.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com
About Maple Power
Maple Power Ltd, a 50-50 joint venture between Enbridge Inc. and Canada Pension Plan Investment Board (CPP Investments), originates, develops, invests in, and manages fixed bottom and floating offshore wind projects in Europe. Established in 2019, Maple Power, together with its partners and shareholders, manages a portfolio of 3.2 GW (gross) of European offshore wind projects.
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SOURCE Enbridge Inc.
