Eversheds Sutherland Advises Enbridge on Expanding Partnership with EDF Renewables with Investment in Fox Squirrel Solar Project

Enbridge Inc. announced this week that it has signed a definitive agreement to participate in the construction and operation of the Fox Squirrel solar project, through a 50% interest in a joint venture with EDF Renewables.

Fox Squirrel is a ground-mounted solar facility under construction in Madison County, Ohio. The initial phase is expected to generate approximately 150 MW of solar energy and be in service by year-end. The project will be constructed in three phases and is designed to ultimately deliver up to 577 MW of renewable energy to the utility grid by the end of 2024. Enbridge will invest US$149 million in the first phase and plans to reach final investment decision on the following phases throughout 2024, assuming certain conditions are met.

The project has 20-year fixed-price power purchase agreements with a strong investment grade counterparty for the full generation capacity.

"This partnership expands Enbridge's strategic relationship with EDF Renewables while driving accretive renewables growth in North America. Fox Squirrel solar project will benefit the surrounding communities by adding local jobs, generating additional tax revenues for Madison County and will ultimately power approximately 118,000 Ohio homes with renewable energy. The project is expected to be immediately accretive to DCF per share and will be complementary to both our growth outlook and energy transition leadership," said Matthew Akman, Executive Vice President Corporate Strategy and President, Power at Enbridge.

“Our Clean Energy practice has been advising clients for decades on developments in the renewable energy sector,” said Eversheds Sutherland Partner Tom Warren, who leads the Clean Energy Projects team. “We are grateful to Enbridge for our long-standing relationship, and pleased to have advised Enbridge on this solar investment that extends its energy transition leadership.”

The Eversheds Sutherland team included Energy Partner Prem Malali, Corporate Partner Mike Voynich, Tax Partner Wes Sheumaker, Energy Associate Katie Clarke and Tax Associate John Taylor.

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