EDF Renewables North America and Enbridge Announce Commercial Operation of Fox Squirrel Phase 1

EDF Renewables North America and Enbridge Inc. (TSX: ENB) (NYSE: ENB) today announced that Phase 1 of Fox Squirrel Solar, the largest solar complex in Ohio, is fully operational and delivering decarbonized electricity to the PJM grid. Fox Squirrel Solar, a ground-mounted solar facility with total capacity of 749 MWdc/577 MWac, is being constructed in three phases in Madison County, Ohio; the initial phase generates 150 MWac of solar energy.

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Fox Squirrel solar located in Madison County Ohio. (Photo: Business Wire)

Comprised of 1.4 million panels and 159 inverters in total, Fox Squirrel Solar represents the largest onshore renewable energy project developed and built by EDF Renewables North America. During peak construction of the first phase, 650 workers were onsite installing 10,000 panels per day. Enbridge invested in the first phase and plans to reach final investment decision on the following phases through 2024, assuming certain conditions are met.

The project has secured 20-year power purchase agreements with a strong investment grade counterparty for the full generation capacity and is expected to generate enough electricity to power the equivalent of 118,000 average Ohio homes1.

"The development and operation of Phase 1 marks a significant milestone in our journey to drive Ohio’s future with clean, decarbonized electricity,” said Kate O’Hair, Senior Vice President for Onshore Development. “This project serves as a testament to the invaluable support from the county and community, highlighting their crucial role in ensuring the project’s success.”

"We are pleased to bring into service the first phase of the Fox Squirrel solar project as part of our expanded strategic partnership with EDF Renewables,” said Matthew Akman, Executive Vice President Corporate Strategy and President, Power, Enbridge. “The development of this project will support local communities and deliver clean power for our customer. The project underscores our energy transition leadership and highlights our rigorous capital allocation process which targets projects that are immediately accretive to DCF per share and complementary to our growth outlook."

EDF Renewables, with its extensive experience and track record of success, is dedicated to providing solutions that help customers achieve their carbon-reduction goals. With 35 years of experience and 16 gigawatts of wind, solar, and storage projects developed, EDF Renewables is a leading provider of integrated energy solutions, ranging from grid-scale power to electric vehicle charging.

About EDF Renewables North America

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distribution-scale power: solar and storage; asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects, and onsite solutions, through the Company’s PowerFlex subsidiary, offering a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 13 GW under service contracts. In Canada, the Company has 1.9 GW of wind and solar power facilities in service or under construction and 4.2 GW under development. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.

About Enbridge Inc.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, carbon capture and storage and are committed to achieving net zero greenhouse gas emissions by 2050. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

Enbridge Forward-Looking Statement

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements with respect to the Fox Squirrel solar project (the “Project”) and related matters, including the characteristics and benefits of the Project, anticipated investment decision and operation dates, and expected accretion of the Project.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the expected supply of, demand for and prices of crude oil, natural gas, natural gas liquids (NGL), liquified natural gas (LNG) and renewable energy; anticipated utilization of our assets; exchange rates; inflation; interest rates; availability and price of labour and construction materials; the stability of our supply chain; operational reliability and performance; maintenance of support and regulatory approvals for our projects, including the Project; anticipated in-service dates; weather; announced and potential acquisition, disposition and other corporate transactions and projects and the timing and benefits thereof, including the Project; governmental legislation; litigation; credit ratings; hedging program; expected EBITDA and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows; expected future distributable cash flow (DCF) and DCF per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions; and general economic and competitive conditions. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG and renewable energy and the prices of these commodities are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction, including estimated in-service dates and the realization of anticipated benefits, include the following: the impact of litigation and government, regulatory and stakeholder actions and approvals on construction and in-service schedules; the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; technology-related matters; the impact of weather; and expectations about our partners’ ability to complete and finance proposed projects.

Enbridge’s forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities; operating performance; regulatory parameters; litigation; acquisitions and dispositions and other transactions, and the realization of anticipated benefits therefrom; project approval and support, including with respect to the Project; renewals of rights-of-way; weather; economic and competitive conditions; global geopolitical conditions; political decisions; public opinion; dividend policy; changes in tax laws and tax rates; exchange rates; interest rates; inflation; commodity prices; and supply of and demand for commodities, including but not limited to those risks and uncertainties discussed in this news release and in Enbridge’s other filings with Canadian and U.S. securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty, as these are interdependent and our future course of action depends on management’s assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statement made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.

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