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Enbridge Sells Certain Assets For C$3.15 Bln In Cash In Total

Energy infrastructure company Enbridge Inc. (ENB,ENB.TO) announced Wednesday that it has closed its earlier announced agreements to sell its U.S. midstream businesses and monetize a portion of its renewables business for combined cash proceeds of approximately C$3.15 billion.

Enbridge has closed the sale of its ownership interests in Midcoast Operating, L.P. and its subsidiaries to an affiliate of ArcLight Capital Partners, LLC for about C$1.4 billion or approximately $1.1 billion in cash. The assets sold include the company's U.S. natural gas and natural gas liquids gathering, processing, transportation and marketing businesses, serving established basins in Texas, Oklahoma and Louisiana.

The company has also closed the sale of a 49 percent interest in select North American onshore renewable power assets, as well as a 49 percent interest in two German offshore wind projects -Hohe See and related expansion- to Canada Pension Plan Investment Board or CPPIB for approximately C$1.75 billion in cash, through newly created joint ventures.

Al Monaco, President and Chief Executive Officer of Enbridge, said, "....the recently announced sale of the Canadian gathering and processing assets takes our total non-core asset sales this year to almost $7.5 billion. Together, these transactions support our strategy to move towards a pure pipeline and utility business model and provide the Company with significant additional financing flexibility as we fund our industry leading secured growth program."

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