Canada’s Enbridge completes deal for stake in Woodfibre LNG
Canadian midstream company Enbridge said November 29 it had completed its previously-announced C$1.5bn acquisition of a 30% equity interest in the 2.1mn mt/yr Woodfibre LNG project in BC from Pacific Energy.
Enbridge and Pacific Energy, part of Indonesia’s RGE Group, will each make pro-rata contributions during construction through a combination of expected asset level financing and equity investments.
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In exchange for its capital contributions, Enbridge will receive a preferred equity interest that provides predictable cash flows.
Pacific Energy will retain responsibility for daily operations.
Pacific Energy issued a notice to proceed to Woodfibre’s prime contractor, McDermott International, in April. Major construction is expected to begin in 2023, targeting an in-service date in Q4 2027.