Enbridge Completes Acquisition of Tonbridge Power Inc.

Enbridge Inc. (TSX:ENB,NYSE:ENB) announced the acquisition through a plan of arrangement of all outstanding common shares of Tonbridge Power Inc. for $20 million.

As quoted in the press release:

As part of the plan of arrangement, Enbridge will also repay approximately $50 million of debt incurred in the development of the Montana-Alberta Tie-Line (MATL) power transmission project being developed by Tonbridge. Enbridge will also inject further funding to complete the first 300 megawatt (MW) phase of MATL as well as a low cost expansion to 550-600 MW. The total cost to Enbridge for both phases of MATL is expected to be approximately $300 million, of which approximately half is being funded through a low cost 30-year loan from the Western Area Power Administration of the U.S. Department of Energy.

Click here to read the Enbridge Inc. (TSX:ENB,NYSE:ENB) press release