Enbridge Inc. entered a definitive agreement with KKR to form a joint venture, in collaboration with funds and affiliates managed by Apollo Global Management, to fund the previously sanctioned Aspen Point and Sunrise Expansion Programs of Enbridge's Westcoast natural gas pipeline system in British Columbia. Under the agreement, KKR and Apollo will invest approximately C$2.7 billion to fund the Expansions, including C$0.7 billion of cash to Enbridge at closing, in exchange for an indirect, cumulative 29% interest in the aggregate Westcoast system upon Sunrise entering service. Enbridge will retain majority ownership and operational control over the Westcoast system, including responsibility for executing the Expansions. Enbridge also has the option to repurchase the investors' interest in the joint venture at any time between the seventh and fourteenth year following close. The Aspen Point expansion is set to enter service this year, followed by Sunrise in late 2028. The projects are expected to cost $4-billion in total and add 300 million cubic feet per day of natural gas transportation capacity. The transaction is not material to Enbridge's 2026 financial guidance or medium-term financial outlook and remains subject to customary closing conditions. Morgan Stanley Canada Limited acted as lead advisor and TD Securities acted as co-advisor to Enbridge, with Sullivan & Cromwell LLP and McCarthy Tétrault LLP as legal advisors. CIBC Capital Markets acted as financial advisor and Kirkland & Ellis LLP and Bennett Jones LLP as legal advisors to KKR. Scotiabank acted as financial advisor and Milbank LLP as legal counsel to the Apollo funds.