The assets include liquids pipelines and related facilities in southeast Saskatchewan and southwest Manitoba.
They are the Saskatchewan Gathering and Weyburn gathering systems as well as the Westspur trunk line.
However, the transaction does not include the sale of the Bakken Expansion Pipeline, which enables delivery of crude oil production in North Dakota to the Enbridge Mainline System at Cromer, Manitoba.
Enbridge executive vice president and chief financial officer John Whelen said: "The sale of the assets at an attractive valuation provides an efficient source of financing for the Enbridge group, supporting its industry leading secured growth program and displacing equity that we would otherwise need to raise through issuance of new capital.
"It also represents about one-half of the target we set in September, in conjunction with the announcement of our planned acquisition of Spectra Energy, to monetize approximately $2bn of non-core assets to strengthen the balance sheet and provide additional financing flexibility."
The company intends to utilize the proceeds from the sale to re-invest into organic growth projects of the Fund, including the Wood Buffalo Extension, Athabasca Twin and Norlite projects.
ENF president Perry Schuldhaus said: "The proceeds from the sale are sufficient to meet all of the Fund's currently anticipated equity capital requirements through 2017 to fund its organic growth program, which supports our expected 10% annual increases in ENF's dividend through 2019.”
The completion of the acquisition is expected to keep shipper commercial arrangements and contracts intact.
Besides, crude oil and NGL volumes delivered from the assets are expected to continue to flow onto the Enbridge Mainline at Cromer.
