Enbridge Inc. announced the closing of the agreement through which a subsidiary of Enbridge has sold its 38.9% non-operating minority ownership interest in Noverco Inc. to Trencap L.P. for $1.14 billion in cash, previously announced on June 7, 2021.
The sale of our financial interest in Noverco Inc. will further strengthen our financial flexibility. Proceeds from the sale will be initially used to repay short term borrowings and support Enbridge's secured capital program.
Trencap L.P. is a consortium led by Caisse de dépôt et placement du Québec (CDPQ).
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life.
Core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which owns approximately 1,766 megawatts (net) in renewable power generation capacity in North America and Europe. The company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB.
