Enbridge announced two major asset sale agreements on Wednesday that will raise more than $3 billion for the company.

The Calgary-based pipeline giant started by announcing it will sell a minority stake in a basket of North American renewable power assets to Canada Pension Plan Investment Board for $1.75 billion. CPPIB will also acquire exposure to two German offshore wind projects in the process.

"This deal makes a significant contribution to our $3 billion asset sales target for the year and will also eliminate $500 million of equity capital requirement that we had previously included in our funding plan," said Enbridge CEO Al Monaco in a release.

Enbridge announced in a separate release later Wednesday morning it has agreed to sell midstream business Midcoast Operating LP to an affiliate of ArcLight Capital Partners for the equivalent of $1.44 billion Canadian.

The transactions announced Wednesday are expected to close during the third quarter of this year.