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Enbridge completes sale of US midstream businesses

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World Pipelines,

Enbridge Inc. yesterday announced it has closed the previously announced agreements to sell its US midstream businesses and monetise a portion of its renewables business for combined cash proceeds of approximately CAN$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 CAN$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 programme."

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 CAN$1.4 billion (approximately US$1.1 billion) in cash. The assets sold include the Company's US natural gas and natural gas liquids (NGL) gathering, processing, transportation and marketing businesses, serving established basins in Texas, Oklahoma and Louisiana.

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

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US pipeline news Enbridge pipeline news