Enbridge adds solar

Article Excerpt

ENBRIDGE, $48.83, is a buy. The firm (Toronto symbol ENB; Shares o/s: 2.1 billion; Market cap: $103.8 billion; TSINetwork Rating: Above Average; Dividend yield: 7.5%; www.enbridge.com) operates pipelines that pump oil and natural gas from Western Canada to eastern Canada and the U.S. It also distributes gas to 3.8 million consumers in Ontario and Quebec. Enbridge has formed a new partnership with Six Nations Energy Development LP, a consortium of First Nation groups, to build a new solar power project in Saskatchewan. The company has not yet said how much this project will cost, but it will give the Six Nations group the opportunity to acquire at least 30%. It aims to start up the project in 2027. Renewable energy projects like this are part of Enbridge’s plan to cut its greenhouse gas emissions to zero by 2050. Green energy investments also increase its appeal with big institutional investors, who value ESG (environmental, social, and governance) scores. Enbridge is a buy. buy. …