Enbridge Inc. recently announced a partnership with KKR and Apollo to establish a joint venture aimed at supporting the expansion of its Westcoast natural gas pipeline system. The collaboration involves KKR and Apollo injecting around $2.7 billion into the Aspen Point and Sunrise expansion initiatives, with an initial $700 million to be paid to Enbridge upon closing. In exchange for their investment, KKR and Apollo will secure a 29% stake in the total Westcoast system once the Sunrise expansion project is operational. Enbridge disclosed that the investors will start receiving returns as each expansion phase becomes operational, starting with the Aspen Point expansion slated for this year, followed by Sunrise in late 2028. Enbridge will maintain majority ownership and operational authority over the West Coast system, including overseeing the expansion endeavors. Additionally, it holds the option to buy back the investors’ stake in the joint venture between the seventh and 14th year post-closure.