REGINA,
SK, June 24, 2024 /CNW/ - Today, Enbridge
Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) and Six
Nations Energy Development LP (Six Nations) – a newly-created
consortium of Cowessess First
Nation, George Gordon First
Nation, Kahkewistahaw First
Nation, Métis Nation-Saskatchewan, Pasqua First Nation and White Bear First
Nations – announced plans to advance development of a new wind
energy project southeast of Weyburn,
Saskatchewan.
The Seven Stars Energy Project (the Project) is expected to
produce 200 megawatts of emissions–free power – enough to support
the annual energy needs of more than 100,000 Saskatchewan homes. It will be developed,
constructed and operated by a wholly-owned indirect subsidiary of
Enbridge.
Financial participation of the partners will be supported, in
part, by loan guarantees of up to $100
million from the Saskatchewan Indigenous Investment Finance
Corporation (SIIFC). The First Nation and Métis partners have an
opportunity to acquire equity ownership of at least 30% in the
Project.
The Project is targeted to be operational in 2027, subject to
finalizing commercial agreements, securing the necessary
environmental and regulatory approvals, and meeting investment
criteria. Enbridge is working toward securing a long-term power
purchase agreement with SaskPower to support final investment
decisions, anticipated in 2025.
"This is a game-changer for the Indigenous Nations, Métis and
First Nations," said Chief Matthew
Peigan of Pasqua First
Nation. "This Project will produce emissions-free
electricity for Saskatchewan and
provide a stable source of revenue that will benefit our people for
many years to come. We are pleased Enbridge sees that meaningful
Indigenous ownership is the way to build energy infrastructure in
this country and we look forward to developing this Project
together."
"We're pleased to be working with Enbridge and have the
opportunity to strengthen our kinship with First Nations on this
important renewable energy initiative. This is our moment to not
only benefit the environment but support the long-term well-being
of our communities and advance First Nation and Métis economic
reconciliation," said Métis Nation–Saskatchewan (MN–S) Minister of
Economic Development and Tourism, Brent
Digness. "It takes teamwork to complete complex projects
like Seven Stars Energy. The MN–S government has taken steps to
minimize risk to our citizens and will work with the federal
government to secure additional support for our investment."
"This is Enbridge's first Indigenous partnership focused on wind
energy generation and our first Indigenous partnership in
Saskatchewan," said Matthew Akman, Enbridge's Executive Vice
President, Corporate Strategy and President, Power. "The clean
electricity Enbridge and our Indigenous partners will provide will
help meet the demand for safe, reliable and affordable energy for
residential, small business and industrial use well into the
future. This is a unique opportunity for the growth of our
renewables portfolio, and one that I am excited to advance
alongside our new partners."
"Enbridge has proudly and safely operated in Saskatchewan for more than 75 years and we
have a long history of working closely with the province, local
communities and First Nations and Métis peoples," said Colin Gruending, Enbridge's Executive Vice
President and President, Liquids Pipelines. "We see Indigenous
economic participation in our projects and operations as an
important element of broader reconciliation and applaud the
Government of Saskatchewan for
establishing the SIIFC, which has helped make this investment
opportunity possible for our new Indigenous partners."
"In collaboration with industries' evolving energy needs,
SaskPower continues to make progress on our commitment of achieving
net-zero greenhouse gas emissions by 2050 and deploying up to 3,000
MW of wind and solar generation by 2035," said Dustin Duncan, Saskatchewan Minister Responsible for
SaskPower. "Partnerships like this between Enbridge and Six Nations
Energy Development will support SaskPower in achieving its emission
reduction targets, while also providing extraordinary benefits to
Saskatchewan's First Nations
communities."
"We are pleased to support this historic announcement by
providing loan guarantees through SIIFC which will benefit nearly
25 per cent of Saskatchewan's
Indigenous population," Minister of Trade and Export Development
Jeremy Harrison said. "This project
will significantly advance economic reconciliation in our province,
which is a priority for our government and vital for the province's
continued growth and prosperity."
"Partnerships like this take commitment, creativity and
ultimately a leap of faith," said Jake
Sinclair, President of Six Nations Energy Development LP. "I
am proud of our team who have leaned-in with Enbridge on the
ultimate goal of delivering a sustainable project that provides
both energy to Saskatchewan and
strong financial returns for Enbridge and the First Nations and
Métis partners for many years to come."
About Enbridge Inc.
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
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 to advance new
technologies including hydrogen, renewable natural gas and 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.
About Six Nations Energy Development Limited
Partnership
Six Nations Energy
Development Limited Partnership is a new entity created to
steward the Indigenous partners' investment in the Seven Stars
Energy Project. Participating communities include:
Cowessess First Nation,
George Gordon First Nation,
Kahkewistahaw First Nation, Métis
Nation-Saskatchewan, Pasqua First
Nation, and White Bear First Nations.
Forward-Looking Information
Forward-looking information, or forward-looking statements,
have been included in this news release to provide information
about Enbridge Inc. ("Enbridge" or the "Company") 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 in this news release include statements with respect to
the Weyburn Wind Project, including the characteristics and
benefits thereof, estimates of production and supply, in-service
dates and supply and customer arrangements.
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. Assumptions regarding the
expected supply of and demand for crude oil, natural gas, natural
gas liquids, liquified natural gas 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, energy
transition, including the drivers and pace thereof, 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. The most relevant assumptions
associated with forward-looking statements on announced projects
and projects under construction, including estimated in-service
dates and the realization of anticipated benefits, include the
following: the impact of litigation and government, regulatory and
stakeholder actions and approvals on construction and in-service
schedules; the availability and price of labour and construction
materials; the effects of inflation and foreign exchange rates on
labour and material costs; the effects of interest rates on
borrowing costs; technology-related matters; the impact of weather;
and expectations about our partners' ability to complete and
finance proposed projects.
Enbridge's forward-looking statements are subject to risks
and uncertainties, including, but not limited to those risks and
uncertainties discussed in this news release and in the Company's
other filings with Canadian and United
States securities regulators. The impact of any one 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
subsequent 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:
Enbridge
Media
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com
Six Nations Energy Development LP
Media
Jennifer Laewetz
Phone: (306) 941-0940
Email: jennifer@warshield.com
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SOURCE Enbridge Inc.