Natural gas firm Enbridge has acquired a 30% stake in the Woodfibre LNG project, having completed a previous announced deal with energy resources development company Pacific Energy Corporation to invest in the construction and operation of the site.
Located in Squamish, British Columbia, Woodfibre LNG is a 2.1 million tonnes-per-annum of LNG export facility with 250,000M3 of floating storage capacity. The site will use electric motor drives powered by renewable hydroelectric power, making it one of the lowest-emission LNG export facilities in the world.
Together, Pacific Energy and Enbridge will make pro-rata contributions during construction through a combination of expected asset level financing and equity investments. In exchange for capital contribution, Enbridge will receive a preferred equity interest that provides predictable future cash flows.
The partners will also jointly participate in the project’s execution and governance of ongoing operations, while Pacific Energy retains responsibility for daily operations.
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