Enbridge Inc has signed a formal agreement to participate in the building and management of the Fox Squirrel solar project in Ohio, through a joint venture with EDF Renewables.
Fox Squirrel is a ground-mounted solar project under construction in Madison County, Ohio. The first of three phases will generate roughly 150 megawatts (MW) of solar energy and be operational by the end of the year, according to separate news releases issued by Enbridge and EDF Renewables on Wednesday.
Furthermore, it will contribute up to 577 MW of renewable energy to the utility grid by the end of 2024. Enbridge plans to invest $149 million in the first phase. Moreover, it will make a final investment decision on the subsequent stages in 2024, “assuming certain conditions are met.” The corporation did not go into detail about the criteria it listed.
More on the Enbridge agreement on the Fox squirrel solar project
Fox Squirrel, the state’s largest solar complex, has 20-year fixed-price power purchase agreements with a “strong investment-grade counterparty for the full generation capacity,” according to EDF Renewables. According to the corporation, the project will be its largest onshore renewable energy project.
“This partnership strengthens Enbridge’s strategic relationship with EDF Renewables while driving accretive renewables growth in North America,” said Matthew Akman, Enbridge Executive Vice President for Corporate Strategy and President of Power. “[The] Fox Squirrel solar project will benefit the surrounding communities by creating new jobs, increasing tax revenue for Madison County, and eventually providing renewable energy to approximately 118,000 Ohio homes.” The project is will be immediately accretive to DCF [distributable cash flow] per share and will complement both our growth strategy and leadership in the energy transition.”