Enbridge has finalised its partnership agreement with Pacific Energy Corp to jointly invest in the construction and operation of the Canadian Woodfibre LNG project.
The company said that it now has a 30% stake in the Woodfibre LNG project, which is located near Squamish, BC, with Pacific Energy retaining the remaining 70% stake.
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 fourth quarter of 2027, Enbridge said.
