The capital injection will support the Aspen Point and Sunrise Expansion Programs, two projects designed to boost the capacity of the critical infrastructure that serves British Columbia, Alberta, and the U.S. Pacific Northwest. Under the terms, KKR and Apollo will provide C$0.7 billion in cash to Enbridge at closing, with the remainder directed toward development costs. The infrastructure upgrades are expected to come online in stages, with the Aspen Point project slated for service in 2026, followed by the Sunrise expansion in late 2028.
Enbridge Secures C$2.7 Billion Partnership for Westcoast Pipeline System
Enbridge has entered a definitive agreement with KKR and Apollo to form a joint venture aimed at funding the expansion of its Westcoast natural gas pipeline system. The deal, valued at C$2.7 billion, grants the investors a 29% interest in the system while Enbridge retains majority ownership and operational control.
Enbridge executives framed the move as a strategic effort to recycle capital and maintain a flexible balance sheet. By offloading a minority stake in the pipeline—which currently transports up to 3.6 billion cubic feet of natural gas daily—the company aims to fund future growth while keeping the asset under its direct management. The agreement includes an option for Enbridge to repurchase the investors' interest between the seventh and fourteenth year after the transaction closes, ensuring long-term flexibility for the energy infrastructure firm.
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