Oakville Enterprises Corporation, Town and Enbridge join forces in strategic deal
A new strategic partnership with Enbridge Inc. will help provide Oakville Enterprises Corporation (OEC) access to significant additional capital for it to invest in business growth opportunities.
The Town of Oakville, which is the majority shareholder in OEC, recently announced the investment that will see Enbridge become a minority shareholder.
Enbridge is using one of its subsidiaries, Enbridge Sustainable Energy Solutions Inc., to be the entity holding the shares and as signatory to the agreements.
The amounts secured from Enbridge will be reinvested into OEC, said the Town.
“We on Council are happy to welcome Enbridge as a partner in this next chapter of OEC’s growth,” said Oakville Mayor Rob Burton. “Enbridge’s investment takes OEC to its next stage of potential faster than possible without the investment.
“Our alliance will be a big boost to Council’s 16-year commitment to develop new, non-tax revenues for residents’ new facility and infrastructure expectations without putting pressure on property taxes.”
The Town says there’ll be many benefits to the partnership with Enbridge, including OEC having the ability to grow and diversify its businesses thereby driving higher growth and dividend streams to its shareholders.
“OEC is excited to enter this partnership with Enbridge,” said Rob Lister, President, and Chief Executive Officer, OEC. “We have a strong history of working with Enbridge and share common values as well as a customer-first approach to everything we do.
“Enbridge’s North American reach makes them an ideal partner as we continue to expand our operations.”
The Town also feels that Enbridge, which transports approximately 25 percent of the crude oil produced in North America, provides strong partnerships and ready capital for municipal infrastructure such as district energy and geo-exchange facilities.
“OEC is a good strategic fit within Enbridge’s diversified energy portfolio and will be a great addition as we continue to evolve our business model,” said Michele Harradence, Senior Vice President and President Gas Distribution and Storage, Enbridge Inc.
“We look forward to partnering with OEC to unlock innovative energy solutions as we advance the transition to a sustainable energy future.”insauga's Editorial Standards and Policies advertising