On July 29, 2022, Pacific Energy Corporation Limited and Enbridge Inc. entered into an agreement to jointly invest in the $5.1 billion Woodfibre LNG project, a 2.1 million-tonne-per-year liquefied natural gas export facility near Squamish, B.C. Under the agreement, Enbridge secured a 30% ownership stake, with Pacific Energy retaining 70%. The project, set for completion in 2027, will be powered by renewable hydroelectricity, positioning it as one of the world's lowest-emission LNG facilities. Enbridge’s investment includes equity contributions and a preferred equity interest, offering predictable future cash flows. The project has secured major federal, provincial, and Indigenous approvals and is supported by long-term offtake agreements with BP Gas Marketing Limited for 70% of its capacity. McDermott International will handle construction under an engineering, procurement, fabrication, and construction contract. BMO Capital Markets served as the exclusive financial advisor to Pacific Energy.