Enbridge Inc. announced that it has completed the previously announced transaction relating to its partnership agreement with Pacific Energy Corporation Limited (Pacific Energy) to jointly invest in the construction and operation of the Woodfibre LNG project, located near Squamish, B.C. Enbridge now has a 30% ownership stake in the Woodfibre LNG project, with Pacific Energy retaining the remaining 70% stake in the project.
Pacific Energy and Enbridge will each make pro-rata contributions during construction through a combination of expected asset level financing and equity investments. In exchange for its capital contribution, Enbridge will receive a preferred equity interest that provides predictable future cash flows. The partners will jointly participate in the project’s execution and governance of ongoing operations, while Pacific Energy retains responsibility for daily operations.
Preliminary construction activities, including site preparation are underway. The project remains on track for its targeted in-service date of Q4 2027.
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 Woodfibre LNG project and Enbridge’s investment therein, including expected in service dates, and anticipated financing and capital contributions.
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 or 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 two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We’re committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050.
SOURCE: PR Newswire