Enbridge formed a joint venture with KKR and Apollo to invest C$2.7 billion in its Westcoast natural gas pipeline system. The partnership funds the Aspen Point and Sunrise expansion programs in British Columbia. These projects target growing demand for natural gas in Western Canada and international LNG exports.
KKR and Apollo will receive a combined 29% indirect interest in the system. Enbridge receives approximately C$700 million in upfront cash to fund growth and strengthen its balance sheet. Enbridge maintains majority ownership and operational control of the pipelines.
The Aspen Point expansion expects to enter service in 2026. The Sunrise expansion will follow in late 2028.