Enbridge Inc. says it has bought Tri Global Energy (TGE), a U.S. renewable power project developer, for US$270 million in cash and assumed debt.
The company will also pay up to an additional US$50 million contingent on successful execution of TGE's project portfolio.
Enbridge says TGE is the third largest onshore wind developer in the U.S.
It has a development portfolio of wind and solar projects representing more than seven gigawatt's of renewable generation capacity.
Enbridge chief executive Al Monaco says TGE will enhance Enbridge's renewable platform and accelerate the company's North American growth strategy.
The company says TGE's development team will remain in place, ensuring the continuity of ongoing development activities.
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