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Indigenous Communities and Enbridge Announce Landmark Equity Partnership

Press Release

EDMONTON, AB, Sept. 28, 2022– Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) and 23 First Nation and Métis communities today announced an agreement whereby the communities will acquire, collectively, an 11.57% non-operating interest in seven Enbridge-operated pipelines in the Athabasca region of northern Alberta for $1.12 billion.

A newly created entity, Athabasca Indigenous Investments (Aii), will steward this investment, which represents the largest energy-related Indigenous economic partnership transaction in North America to date.

“We are very pleased to be joining our Indigenous partners in this landmark collaboration,” said Al Monaco, President and Chief Executive Officer of Enbridge. “We believe this partnership exemplifies how Enbridge and Indigenous communities can work together, not only in stewarding the environment, but also in owning and operating critical energy infrastructure. We are looking forward to working with the Aii and deepening our relationship well into the future. This also fully aligns with our priority to recycle capital at attractive valuations, which can be used to fund numerous growth opportunities within our conventional and low carbon platforms.”

This investment by Aii also fits well with commitments Enbridge made in its recently released Indigenous Reconciliation Action Plan (IRAP), building on a growing track record of engagement with Indigenous communities and employees. The IRAP incorporates advice into facility siting, environmental and cultural monitoring, employment, training and procurement opportunities and, most recently, financial partnerships such as the proposed Wabamun Carbon Hub.

Pipelines included in the transaction are the Athabasca, Wood Buffalo/Athabasca Twin and associated tanks; Norlite Diluent; Waupisoo; Wood Buffalo; Woodland; and the Woodland extension. These assets are underpinned by long-life resources and long-term contracts, which provide highly predictable cash flows.

“On behalf of the Indigenous partners, we are proud to become equity owners in these high-quality assets which contribute to North American energy supply and security,” said Justin Bourque, President of Athabasca Indigenous Investments. “Our partner logo theme – Seven Pipelines, Seven Generations – speaks to the long-term value potential of these assets, which will help enhance quality of life in our communities for many years to come.”

“This is a truly historic day for our communities in the Athabasca region,” added Chief Greg Desjarlais of Frog Lake First Nation. “In addition to an opportunity to generate wealth for our people, this investment supports economic sovereignty for our communities. We look forward to working with a leading energy company like Enbridge, which shares Indigenous values of water, land and environmental stewardship.”

“To be involved in an Indigenous partnership that will bring ongoing benefits to our communities is very important to the Métis people of Alberta,” says Stan Delorme, Chairperson, Buffalo Lake Métis Settlement. “Today’s announcement marks a next step in our relationship with Enbridge and our neighbors in the Athabasca region.”

Closing of the transaction is expected to occur within the next month. BMO Capital Markets acted as financial advisor to Enbridge and Torys LLP as legal counsel. RBC Capital Markets acted as financial advisor to Athabasca Indigenous Investments and Boughton Law as legal counsel.

JOINT VENTURE ASSETS

About Athabasca Indigenous Investments

Athabasca Indigenous Investments is a newly created limited partnership of 23 diverse Treaty 6 and Treaty 8 First Nations and Métis communities located in northern Alberta, that will steward the communities’ investment in seven Enbridge-operated pipelines. Participating communities include:

Athabasca Chipewyan First Nation      

Fishing Lake Métis Settlement 

Kikino Métis Settlement

Beaver Lake Cree Nation 

Frog Lake First Nation 

McMurray Métis Local 1935

Buffalo Lake Métis Settlement 

Fort Chipewyan Métis Local 125      

Mikisew Cree First Nation

Chard Métis Nation   

Fort McKay First Nation 

Onion Lake Cree Nation

Chipewyan Prairie First Nation 

Fort McKay Métis Nation 

Saddle Lake Cree Nation

Conklin Métis Local 193   

Fort McMurray 468 First Nation 

Willow Lake Métis Nation

Cold Lake First Nations 

Heart Lake First Nation 

Whitefish Lake First Nation (Goodfish)

Elizabeth Métis Settlement 

Kehewin Cree Nation    

About Enbridge
At 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 or 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 two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We’re committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050.

Headquartered in Calgary, Alta., 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

Press Conference
The press conference will include remarks from key stakeholders followed by a Q&A. Media can join in-person or via teleconference. The event will be livestreamed at alberta.ca/news.

When:

Wednesday, September 28, 11 a.m.to 12:15 p.m. MT

Where:

Enbridge Centre – 10175 101 St NW Suite 1800, Edmonton, AB

Who:

Al Monaco, President and Chief Executive Officer, Enbridge

Colin Gruending, Executive Vice President & President, Liquids Pipelines, Enbridge

Justin Bourque, President, Athabasca Indigenous Investments

Chief Greg Desjarlais, Frog Lake First Nation

Stan Delorme, Chairperson, Buffalo Lake Métis Settlement

Jason Kenney, Premier of Alberta

Chana Martineau, Chief Executive Officer, Alberta Indigenous Opportunity Corporation

Teleconference information:

Calgary media dial-in:

1-587-333-0001

Edmonton media dial-in:

1-825-500-5007

Toll-free media dial-in:

1-800-578-9520

Passcode:

850474

  • Reporters must provide their conference ID, name, affiliation, and telephone number to the conference operator
  • Reporters are encouraged to dial in 15 minutes early to ensure participation
  • Participants will be able to hear all questions and responses
    • To ask a question: Press *1
    • To exit question queue: Press *2

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