According to an agreement forged with Singapore-based Pacific Energy Corp., Enbridge will have a 30 per cent ownership stake in the $5.1-billion LNG project, planned for a site near Squamish, B.C. Pacific Energy will retain the remaining 70 per cent stake in the facility.
“We searched far and wide for this opportunity,” Enbridge chief executive Al Monaco told investors in a conference call Friday. “We looked at a lot of others actually and we’ve landed on this one because ticked all the boxes for us and one of the important boxes is ensuring predictability of cash flows.”
In exchange for its capital contribution, Enbridge will receive a preferred equity interest that provides future cash flows, the company said in a release.Article content Woodfibre LNG, which proponents plan to build on the site of a former pulp mill more than 60 kilometres north of Vancouver, will have an export capacity of 2.1 million tonnes per year. The project has been approved by the federal and B.C. governments and by the Squamish Nation.