Enbridge investing $1.7B in windfarm

CALGARY — Energy giant Enbridge Inc. is making big inroads into renewables even as changes in government policies are paving the way for the rapid expansion of its traditional oil and gas pipeline business.

The company said Friday it was investing $1.7 billion for 50 per cent of the Hohe See wind energy project off the coast of Germany, which follows last year’s $282-million buy of a 50 per cent stake in a group of French offshore wind projects.

“It’s clear that we’re going to need all sources of supply to meet growing global energy demand, and that includes renewable supplies,” said Enbridge CEO Al Monaco in an earnings conference call.

A day earlier, the Federal Trade Commission approved Enbridge’s proposed $37-billion takeover of Spectra Energy Corp., which will greatly expand the Calgary-based company’s footprint in the United States just as the new administration there brings in more oil-and-gas-friendly policies.

“The political landscape in North America has shifted to, let’s call it a more balanced tone for energy and infrastructure and development,” said Monaco. “We’ve seen strong conviction from the federal and provincial governments in Canada to advance infrastructure, and we see that happening as well in the United States on economic growth and a positive stance on energy.”

The election of U.S. President Donald Trump has, among other thing, helped clear the way for the Dakota Access Pipeline to move forward despite extensive protests by the Standing Rock Sioux tribe and others.