Enbridge has agreed to enter into a 50-50 joint venture (JV) with EDF Renewables North America to take part in the construction and operation of the latter’s 577MW Fox Squirrel solar project in the US.
According to the terms of the definitive agreement, Enbridge will invest $149m in the first phase of the American solar project.
The company also plans to take final investment decision on the following phases throughout 2024, subject to certain conditions.
Located in Madison County, Ohio, the Fox Squirrel solar project is being constructed in three phases. The nearly 150MW initial phase of the project is scheduled to become operational by the year-end with the remaining phases anticipated to come online by the end of 2024.
EDF Renewables grid-scale power executive vice president Ryan Pfaff said: “EDF Renewables is thrilled to continue our successful partnership with Enbridge through the Fox Squirrel Solar Project, our first utility-scale solar facility in Ohio.
“Solar energy plays a key role in decarbonising the PJM grid in a safe, reliable, and affordable manner. We look forward to completing Fox Squirrel Solar and supporting this transition.”
EDF Renewables acquired the ground-mounted solar facility from Geenex Solar in October 2020.
Once operational, the Fox Squirrel solar plant will generate clean energy sufficient to power approximately 118,000 households.
Besides, the solar project has secured 20-year fixed-price power purchase agreements with a strong investment grade counterparty for its full capacity.
Enbridge corporate strategy executive vice president and power president Matthew Akman said: “This partnership expands Enbridge’s strategic relationship with EDF Renewables while driving accretive renewables growth in North America.
“Fox Squirrel solar project will benefit the surrounding communities by adding local jobs, generating additional tax revenues for Madison County and will ultimately power approximately 118,000 Ohio homes with renewable energy.”
Earlier this year, EDF Renewables secured three wind energy supply contracts in Quebec, Canada.
