As part of the plan of arrangement, the company will also repay about $50m of debt incurred in the development of the Montana-Alberta Tie-Line (MATL) power transmission project being developed by Tonbridge.
Enbridge will inject further funding to complete the first 300MW phase of MATL as well as a low cost expansion to 550MW-600MW.
The total cost to the company for both phases of MATL is expected to be about $300m, of which about half is being funded through a low cost 30-year loan from the Western Area Power Administration of the US Department of Energy.
MATL is a 345km power transmission line from Great Falls, Montana to Lethbridge, Alberta.
Tonbridge has also a 200km southern extension of MATL, the Green Line, in early development.
