Canadian pipeline company Enbridge buys stake in United Kingdom wind farm

Rampion is a 400 megawatt offshore wind farm project in the English Channel, to be located 13-kilometers off the Sussex coast south of Brighton and remains set to become the first offshore wind farm off the south coast of England.

Construction began in September and Rampion is expected to be fully up and running in 2018.

The delay in the project, which will replace current shipments by rail or imported from overseas, will affect this year’s earning, President and Chief Executive Officer, Al Monaco, said in a statement. “As we get more saturated onshore, there will be more opportunities offshore in North America too”. The company is also involved in natural gas gathering, transmission and midstream businesses as well as in power generation and transmission. Financial details on the stake acquisition deal with Enbridge were not disclosed.

Enbridge Inc (NYSE:ENB): The mean short term price target for Enbridge Inc (NYSE:ENB) has been established at $50.65 per share. As a transporter of energy, Enbridge operates, in Canada and the United States, a crude oil and liquids transportation system. As a distributor of energy, Enbridge owns and operates a natural gas distribution company in Canada, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Learning about the offshore wind industry in Europe may help Enbridge jump-start the barely existing one in the US and Canada, he said. The shares have now been rated Outperform by the stock experts at the ratings house. Although Enbridge believes these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to project completion, operating performance, regulatory parameters, weather, economic conditions and commodity prices.