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Enbridge To Acquire Tri Global For $270 Mln

Enbridge Inc. (ENB), a Canadian pipeline company, said on Thursday that it has acquired Tri Global Energy or TEG, an onshore wind developer in the U.S., for $270 million in cash and debt.

In addition, up to around $50 million could be made as contingent payment on successful execution of TGE's project portfolio.

Enbridge said it "expects North American renewable power fundamentals to remain robust. Rising targets for State renewable portfolio standards and growing private sector demand for zero carbon electricity are set to drive investment in wind and solar power generation significantly higher in the next decade."

CIBC has served as financial advisor to Enbridge, whereas Eversheds Sutherland acted as its external legal counsel.

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