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    How Enbridge’s C$2.7 Billion KKR and Apollo Pipeline JV Has Changed Its Investment Story (TSX:ENB)

    Simply Wall St·08/29/2026 02:18:41
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    • Earlier this week, Enbridge announced a C$2.70 billion joint venture with KKR and Apollo to finance its already-approved Aspen Point and Sunrise expansions on the Westcoast natural gas pipeline system, with the investors ultimately acquiring a 29% interest while Enbridge retains operational control.
    • The deal uses long-term take-or-pay contracts and a future repurchase option to bring in third-party capital, easing Enbridge’s funding burden while preserving control and potential upside from these expansions.
    • We’ll now explore how bringing in KKR and Apollo as capital partners on Westcoast expansions could influence Enbridge’s long-term infrastructure investment narrative.

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    Enbridge Investment Narrative Recap

    To own Enbridge, you need to believe its regulated, long-life energy infrastructure and long-term contracts can keep supporting reliable cash generation despite regulatory and decarbonization pressures. The C$2.70 billion Westcoast joint venture with KKR and Apollo appears to support near term funding flexibility rather than materially changing the key risk, which remains policy and permitting uncertainty around major projects.

    The separate US$600 million acquisition of Salt Creek Midstream’s Permian crude gathering assets is the most relevant recent announcement, because it shows Enbridge still committing capital to North American oil and gas infrastructure while seeking contracted, fee-based cash flows. Together with the Westcoast financing, it highlights how new projects and bolt on deals tie directly into the core catalyst of maintaining a sizable, mostly contracted asset base that underpins Enbridge’s dividend profile.

    Yet, despite this focus on long term contracts, investors should still be aware that accelerating decarbonization policies and evolving environmental regulations could...

    Read the full narrative on Enbridge (it's free!)

    Enbridge’s narrative projects CA$74.4 billion in revenue and CA$8.4 billion in earnings by 2029.

    Uncover how Enbridge's forecasts yield a CA$80.14 fair value, a 15% upside to its current price.

    Exploring Other Perspectives

    TSX:ENB 1-Year Stock Price Chart
    TSX:ENB 1-Year Stock Price Chart

    Eight fair value estimates from the Simply Wall St Community span roughly C$47 to C$280 per share, showing how far apart individual views can be. You can weigh that diversity against the reliance on long term, take or pay contracts that support Enbridge’s infrastructure story and consider how policy or permitting shifts might affect the company over time.

    Explore 8 other fair value estimates on Enbridge - why the stock might be worth 33% less than the current price!

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.