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Enbridge Divests U.S. Midstream Assets for $3.15 Billion

Enbridge Inc., August 3, 2018

Enbridge Inc. recently announced it has closed the previously announced agreements to sell its U.S. midstream businesses and monetize a portion of its renewables business for combined cash proceeds of approximately $3.15 billion.

"We are pleased to have moved quickly to execute and close these transactions at strong valuations," said Al Monaco, President and Chief Executive Officer of Enbridge. "In addition, the recently announced sale of the Canadian gathering and processing assets takes our total non-core asset sales this year to almost $7.5 billion. Together, these transactions support our strategy to move towards a pure pipeline and utility business model and provide the Company with significant additional financing flexibility as we fund our industry leading secured growth program.

Enbridge has closed the sale of its ownership interests in Midcoast Operating, L.P. and its subsidiaries to an affiliate of ArcLight Capital Partners, LLC for approximately $1.4 billion (approximately US$1.1 billion) in cash. The assets sold include the Company's U.S. natural gas and natural gas liquids (NGL) gathering, processing, transportation and marketing businesses, serving established basins in TexasOklahoma and Louisiana.

Enbridge has also closed the sale of a 49 percent interest in select North American onshore renewable power assets, as well as a 49 percent interest in two German offshore wind projects (Hohe See and related expansion), to Canada Pension Plan Investment Board (CPPIB) for approximately $1.75 billion in cash, through newly created joint ventures. 


About Enbridge Inc. 

Enbridge Inc. is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation. The Company safely delivers an average of 2.8 million barrels of crude oil each day through its Mainline and Express Pipeline; accounts for approximately 65% of U.S.-bound Canadian crude oil exports; and moves approximately 20% of all natural gas consumed in the U.S., serving key supply basins and demand markets. For more information, visit www.enbridge.com.


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