Canadian energy company Enbridge Inc (TSE:ENB) is investing in the 749-MW DC/577-MW AC Fox Squirrel solar project in Ohio of EDF Renewables North America, part of French power company EDF, the parties said on Wednesday.
Enbridge will become a 50% partner in the project, which is being built in three phases in Madison County. The first phase of about 150 MW is expected to come online by the end of the year and the remaining capacity by the end of 2024. Enbridge will invest USD 149 million (EUR 137m) in the initial phase. It will make final investment decision on the other two phases during 2024, subject to certain conditions being met.
The project has 20-year power purchase agreements at a fixed price for its entire capacity with “a strong investment grade counterparty,” say the companies’ announcements.
Fox Squirrel will be Ohio’s largest solar complex, generating enough power for 118,000 homes in the state.
(USD 1 = EUR 0.920)
