Pipeline giant Enbridge Inc. has added to its long-term spending plan as it pours money into a slew of growth projects.
The company updated its long-term funding plan Thursday, and now expects it capital program between 2012 and 2016 to reach $35-billion, nearly $11-billion of which is expected to come from the company’s cash flow. Most of the remainder will be debt.
“Since the long-term funding plan discussed at our investor conference last fall, we have achieved greater-than-expected progress in the development of attractive new growth opportunities, including those already announced and those yet to be” Richard Bird, Enbridge’s chief financial officer, said in a statement.
“An update to our funding plan now indicates an incremental equity requirement over the 2012-2016 period.”
Enbridge issued $500-million in equity via a bought deal Thursday, selling 10.85 million shares at $46.11 each.
The Calgary-based firm has billions of dollars worth of projects under construction right now.
Its Seaway pipeline to the Gulf Coast, for example, came with a $1.5-billion price tag, Graham White, an Enbridge spokesman, said.
The company’s effort to expand the capacity on its
Athabasca line will cost about $400-million, and Enbridge expects to spend another
$1.2-billion twinning the pipeline.
Enbridge expects its Flanagan South project to cost about $2.8-billion.
It is building a number of other multibillion-dollar projects.