Enbridge completes partnership agreement in Woodfibre LNG

Enbridge Inc. of Calgary has completed the previously announced transaction relating to its partnership agreement with Nanjing, China-based Pacific Energy Corporation Ltd. to jointly invest in the construction and operation of the Woodfibre LNG project, located near Squamish, B.C. (above).

Enbridge now has a 30 percent ownership stake in the Woodfibre LNG project, with Pacific Energy retaining the remaining 70 percent 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.