Enbridge Advances Historic Equity Ownership with First Nations on B.C. Natural Gas Pipeline System

, /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today announced an agreement whereby the Stonlasec8 Indigenous Alliance Limited Partnership (the "First Nations Partnership"), which currently represents 36 First Nations in B.C., will make an investment of approximately CAD$715 million in Enbridge's Westcoast natural gas pipeline system, resulting in the First Nations Partnership owning a 12.5% interest in that system, subject to certain closing conditions as well as customary closing adjustments. Enbridge Advances Historic Equity Ownership with First Nations on B.C. Natural Gas Pipeline System (CNW Group/Enbridge Inc.) The First Nations Partnership has reached an agreement with Canada Indigenous Loan Guarantee Corporation (CILGC), a subsidiary of Canada Development Investment Corporation (CDEV), to secure a CAD$400 million loan guarantee to enable the transaction. Loan guarantees play an important role in advancing Indigenous involvement in essential energy infrastructure throughout Canada. "Enbridge's Westcoast natural gas pipeline system is a critical piece of energy infrastructure that has been providing people with the energy they need for more than 65 years," said Cynthia Hansen, Enbridge's Executive Vice President and President of Gas Transmission and Midstream. "This transaction provides an opportunity to build on our existing relationships with Indigenous communities and help advance reconciliation." "Today is a significant milestone for Stonlasec8 First Nations and we are incredibly grateful to have the Government of Canada's leadership and support to bring this deal to fruition," said Chief David Jimmie, President and Chair of Stonlasec8 and Chief of Squiala First Nation. "Enbridge's Westcoast pipeline system is a legacy asset that has operated within our traditional territories for over 65 years. Now, our Nations will receive sustained economic benefits from this asset, funding critical investments in housing, infrastructure, environmental stewardship, and cultural preservation. People often ask what economic reconciliation for Indigenous Peoples looks like. This is it.""Enbridge's commitment to advance Indigenous ownership opportunities related to our existing and growing energy assets underlines our efforts to be the First Choice partner for the communities we serve. These partnerships – which are part of our Indigenous Reconciliation Action Plan – allow Indigenous communities to beneficially invest in our operations and play a greater role in shaping Canada's energy future," said Greg Ebel, Enbridge's President and CEO. "This transaction is one of several such partnerships we have undertaken in the last several years and we continue to explore additional opportunities for Indigenous partnerships." "I want to thank everyone who contributed to making this historic and highly complex transaction possible. Today's announcement also underscores CDEV's role as a catalyst for transformative initiatives that benefit all Canadians," said Elizabeth Wademan, President and CEO of CDEV, the parent company of the CILGC. "We launched CILGC in record time with a commitment to operate at the speed of business. The CDEV team is proud of the leading role it played on this transaction, and for the partnership created through this deal.""This loan guarantee is a testament to our commitment to fostering Indigenous economic reconciliation and ensuring that Indigenous Peoples have a meaningful stake in Canada's economic growth," said the Honourable François-Philippe Champagne, Minister of Finance. "We are proud to support First Nations in B.C. in this historic endeavour.""This landmark agreement is a powerful example of how our new federal government is getting things done in Canada," said the Honourable Tim Hodgson, Minister of Energy and Natural Resources. "I am proud to support Indigenous leadership and resource development coming together to drive long-term economic prosperity and reconciliation for all Canadians."The transaction is expected to close by the end of the second quarter of 2025, subject to the completion of required financing and the satisfaction of all conditions precedent to the transaction.RBC Capital Markets acted as financial advisor to Enbridge and McCarthy Tétrault as legal counsel. TD Securities Inc. acted as financial advisor to the First Nations Partnership, Boughton Law as legal counsel and MNP as business and tax advisors.About Enbridge's Westcoast natural gas pipeline system Enbridge's Westcoast natural gas pipeline system is an essential piece of energy infrastructure that is capable of transporting up to 3.6 billion cubic feet of natural gas per day. Owned by Westcoast Energy Inc., a wholly owned subsidiary of Enbridge, this system stretches more than 2,900 kilometres from Fort Nelson in northeast B.C. and from Gordondale near the B.C.-Alberta border, south to the Canada-U.S. border at Huntingdon/Sumas. The natural gas transported on this pipeline system provides safe, secure and affordable energy that people rely on throughout B.C. and the Lower Mainland, Alberta and the U.S. Pacific Northwest. About EnbridgeAt Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.Forward-Looking Information Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' and affiliates' future plans and operations. This information may not be appropriate for other purposes. Forward looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', 'estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to Enbridge's agreement with the First Nations Partnership for it to acquire an interest in Enbridge's natural gas pipeline system in British Columbia (the "Transaction"); the equity loan guarantee with the Government of Canada; and the expected timing of closing of the Transaction. Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: final approval of the transaction committee of the First Nations Partnership; the expected supply of, demand for and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), renewable natural gas (RNG) and renewable energy; energy transition, including the drivers and pace thereof; global economic growth and trade; anticipated utilization of our assets; anticipated cost savings; exchange rates; inflation; interest rates; availability and price of labour and construction materials; the stability of our supply chain; operational reliability and performance; customer, regulatory and stakeholder support and approvals; anticipated construction and in-service dates; weather; announced and potential acquisition, disposition and other corporate transactions and projects and the timing and impact thereof, including the Transaction; expectations regarding our partners' ability to complete and finance proposed transactions and projects, including the equity loan guarantee for the Transaction; governmental legislation and approvals; litigation; credit ratings; hedging program; expected earnings before interest, tax, depreciation and amortization (EBITDA) and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share (EPS); expected future cash flows and expected future distributable cash flow (DCF) and DCF per share; estimated future dividends; financial strength and flexibility; investment capacity; debt and equity market conditions; and general economic and competitive conditions. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG, RNG and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs and are, therefore, inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the realization of anticipated benefits and synergies of projects and transactions, including the Transaction, and the successful execution of our strategic priorities; operating performance; the Company's dividend policy; regulatory parameters; changes in regulations applicable to the Company's business; litigation; acquisitions and dispositions and other transactions, including the Transaction, and the realization of anticipated benefits therefrom; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions; global geopolitical conditions; political decisions and evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions, or other trade measures; public opinion; changes in tax laws and tax rates; exchange rates; interest rates; inflation; commodity prices; and supply of and demand for commodities, including but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and U.S. securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent, and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.FOR FURTHER INFORMATION PLEASE CONTACT: SOURCE Enbridge Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Enbridge Advances Historic Equity Ownership with First Nations on B.C. Natural Gas Pipeline System

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