EMF will be co-owned with Électricité de France’s subsidiary EDF Energies Nouvelles (EDF EN). The acquisition is expected to be closed on or about 19 May.
The deal includes transaction costs and past and future pre-Final Investment Decision (FID) development costs.
Enbridge and EDF EN will co-develop three large-scale offshore wind farms off the coast of France which can generate a maximum output of 1428MW of power.
The projects have a 20-year power purchase agreement (PPA) pursuant to which EDF, the power offtaker under the PPAs, will pay an indexed fixed price for 100% of the energy generated by each facility.
EMF will also be insulated from variances in wind capacity. The projects are in an advanced-stage of development with a permitting process near to completion.
Enbridge president and CEO Al Monaco said: "This investment in EMF advances our priority to build new business platforms that will extend and diversify growth.
"The EMF development opportunities are underpinned by strong market fundamentals and a commercial framework that is very well aligned with our low-risk business model.
"Once fully operational, they are expected to generate attractive returns and accretion to available cash flow from operations."
Enbridge would potentially invest up to C$4.5bn in total for all three projects, subject to taking positive FID on each project individually.
After achieving FID, construction on the projects ts expected to start from 2017 and continue through 2022.
Image: Offshore Wind Farm. Photo: Courtesy of Matt Banks/ FreeDigitalPhotos.net.
