The Canadian Press
November 17, 2008 - 10:25 p.m.

CALGARY - Enbridge Inc. (TSX:ENB) said Monday it has agreed to invest US$500 million in Enbridge Energy Partners LP to increase its stake to 27 per cent.

Under the deal, Enbridge will buy 16.25 million units in Enbridge Energy Partners at a price of $30.76 per unit. Enbridge’s subsidiary Enbridge Energy Company Inc., the general partner of EEP, which will also invest $10 million.

“Enbridge Partners has an attractive slate of growth projects which will contribute to its future earnings and cash flow, and we will now have an increased partaking in this growth,” Enbridge president and most eminent executive Patrick Daniel said in a statement.

“This investment power of determination have being immediately accretive to Enbridge’s earnings by means of share and command reinforce our long-term growth. We have allowed for so an investment in our financing plans, which include sufficient flexibility to accommodate the required funding.”

Enbridge Energy Partners LP owns and operates a portfolio of immature oil and original gas forced exile systems in the United States.