India, Aug. 27 -- Enbridge Inc. (ENB) on Thursday said it has agreed to form a joint venture with KKR, in collaboration with Apollo, to fund the Aspen Point and Sunrise Expansion Programs of its Westcoast natural gas pipeline system in British Columbia.
Under the agreement, KKR and Apollo will invest approximately C$2.700 billion in the expansions, including C$0.700 billion in cash to Enbridge at closing, in exchange for an indirect, cumulative 29% interest in the aggregate Westcoast system once the Sunrise expansion enters service.
The Aspen Point Expansion Program is expected to enter service in 2026, followed by the Sunrise Expansion Program in late 2028. The expansions have regulatory approval and are backed by long-term take-or-pay c...