Being developed by E.ON subsidiary E.ON Climate & Renewables UK off the UK’s Sussex coast, the project will feature up to 116 Vestas V112-3.45 MW turbines to generate electricity required to power around 300,000 homes.
Construction of the €1.9bn ($2bn) project commenced in September and is planned to be completed in 2018.
Upon completion of the deal, Enbridge will have 24.9% stake in the project while the UK Green Investment Bank will have 25% interest and E.ON will own the remaining 50.1% stake.
Enbridge expects that its expertise in wind business could allow it to participate in future offshore developments.
Enbridge president and CEO Al Monaco said: "Rampion provides a timely and effective entry point to the European offshore wind business and it supports our objective of developing new platforms that extend and diversify our industry leading growth beyond 2019."
The project is expected to reduce CO2 emissions by up to 600,000 tons annually. A final investment decision on the project was made in May 2015.
UK Green Investment Bank investment banking head Ed Northam said: "Securing Enbridge’s first investment in offshore wind is a major success for Rampion and the wider development of green infrastructure projects in the UK.
"The company’s background in North American renewables and pipelines complements the expertise of the existing shareholder group."
The project is supported by revenues from the UK’s fixed price Renewable Obligation Certificates program as well as a 15-year power purchase agreement.
Image: Enbridge plans to participate in further offshore wind development projects. Photo: courtesy of xedos4./FreeDigitalPhotos.net.
