Enbridge introduced in July a partnership with Pacific Power Corp., a part of the Singapore-based RGE Group, to collectively spend money on the development and operation of the Woodfibre LNG undertaking, positioned close to Squamish, B.C.
Beneath the phrases of the deal, Enbridge now owns a 30 per cent stake within the $5.1-billion undertaking, with Pacific Power retaining the remaining 70 per cent.
Woodfibre LNG is a 2.1-million-tonne-per-year export facility, with long-term offtake agreements in place with BP Fuel Advertising and marketing Restricted for 70 per cent of the capability.
Woodfibre LNG introduced in April that it had issued a Discover to Proceed to its development contractor McDermott Worldwide. The undertaking is anticipated to be in service in 2027.
Pacific Power and Enbridge will every make pro-rata contributions throughout development by means of a mix of anticipated asset-level financing and fairness investments. In trade for its capital contribution, Enbridge will obtain a most popular fairness curiosity that gives predictable future money flows.
This report by The Canadian Press was first printed Nov. 29, 2022.
