This Brilliant Dividend Stock Is Adding Even More Power to Grow Its Payout
Enbridge (NYSE: ENB) has been one of the best dividend-paying stocks in the energy patch. The Canadian energy infrastructure company has paid dividends for more than 68 years, increasing them in each of the last 28 years.
Powering the steady rise in Enbridge's payout is its brilliant strategy. The company has an extremely low-risk business model of operating pipelines and utility assets that generate very stable income. It uses that steady cash flow to pay dividends (it currently yields 7.7%) and invest in additional income-producing energy infrastructure assets. It recently added more power to its dividend growth engine by agreeing to invest in a solar energy project. The investment also enhances its smart energy transition strategy.
Enbridge recently agreed to participate in the construction and operation of the Fox Squirrel solar project in Ohio. It will own a 50% interest in the joint venture with EDF Renewables. The Canadian Energy infrastructure company will invest $149 million into the first development phase. That 150-megawatt (MW) project should start producing power and generating income by the end of this year.
Source Fool.com
