Saint-Nazaire

EDF Group signed a strategic partnership with Enbridge Inc., through which Enbridge acquired a 50% stake in Éolien Maritime France SAS (EMF), the joint development company for three French Round 1 offshore wind farms: Saint-Nazaire (480 MW), Fécamp (498 MW) and Courseulles-sur-Mer (450 MW). The total consideration was CAD 282 million inclusive of transaction costs and all development capital invested to date and committed pre-FID. At the CAD/EUR rate in May 2016 (~0.679), this is approximately EUR 191 million. At the time of signing, all three projects had received their 20-year PPAs from the French state under Round 1 (appel d'offres AO1/AO2) but FID had not yet been taken. The EMF holding company covered all three projects (Saint-Nazaire, Fécamp, Courseulles) with EMF holding 100%, 70%, and 85% respectively; the single undifferentiated payment of CAD 282m cannot be reliably allocated to individual projects. See companion records for Fécamp and Courseulles-sur-Mer. EMF ownership post-close: EDF-RE 50%, Enbridge 50%.

Enbridge agreed to sell 49% of its 50% stake in Éolien Maritime France SAS (EMF) to CPP Investments (Canada Pension Plan Investment Board), reducing Enbridge's direct stake to 25.5% and giving CPP Investments a 24.5% share. The effective project-level stakes post-transaction: EDF Renewables 50%, Enbridge 25.5%, CPP Investments 24.5%. The consideration comprised an upfront payment of approximately EUR 80 million (reimbursing 49% of Enbridge's development capital to date) plus a committed follow-on contribution of EUR 120 million as Saint-Nazaire progressed through construction, plus a further EUR 150+ million earmarked for Fécamp and Courseulles-sur-Mer. The EUR 80m upfront payment covers all three EMF projects — Saint-Nazaire, Fécamp and Courseulles — and cannot be disaggregated by project. An implied 100% project value cannot be reliably calculated. The joint holding entity was subsequently branded as EIH (Enbridge/CPP), also known as Maple Power. Construction of Saint-Nazaire was underway at announcement date (construction started September 2019, FID 2019).

EDF Renewables and Maple Power (Enbridge/CPP Investments JV) completed a EUR 2.39 billion debt refinancing of the Saint-Nazaire offshore wind farm in February 2023. The refinancing replaced the original EUR 1.45 billion construction term loan from 2019 with an enlarged EUR 2.25 billion term loan, returning capital to equity owners. This is a financing transaction, not an equity stake transfer; no change of ownership occurred. Recorded here for completeness as a significant balance-sheet event. The syndicated loan was signed by 18 banks including BNP Paribas, Credit Agricole, Societe Generale, BayernLB, MUFG, Mizuho, and Bank of China. Ownership at refinancing: EDF Renewables 50%, Enbridge 25.5%, CPP Investments 24.5%.