ECRLP, an entity which we have a 51% ownership in, is a VIE as its limited partners lack substantive kick-out rights or participating rights. Because we have the power to direct the activities of ECRLP, we are exposed to potential losses, and we have the right to receive benefits from ECRLP, we are considered the primary beneficiary.

Through various subsidiaries, we have a majority ownership interest in Magic Valley, Wildcat, Keechi Wind Project (Keechi), New Creek and Chapman Ranch wind facilities. These wind facilities are considered VIEs due to the members’ lack of substantive kick-out rights and participating rights. We are the primary beneficiary of these VIEs by virtue of our power to direct the activities that most significantly impact the economic performance of the wind facilities, and our obligation to absorb losses and the right to receive benefits that are significant.

Enbridge Holdings (DakTex) L.L.C. (DakTex) is owned 75% by a wholly-owned subsidiary of Enbridge and 25% by EEP, through which we have an effective 27.6% interest in the equity investment, Bakken Pipeline System (Note 13). EEP is the primary beneficiary because it has the power to direct DakTex’s activities that most significantly impact its economic performance. We consolidate EEP and by extension, also consolidate DakTex.

By virtue of limited partners' lack of substantive kick-out rights and participating rights, substantially all limited partnerships wholly-owned by us and/or our subsidiaries are considered VIEs, including EEP and Spectra Energy Partners, LP (SEP). As these wholly-owned limited partnership entities are directed by us with no third parties having the ability to direct any of the significant activities, we are considered the primary beneficiary.

The following table includes assets to be used to settle liabilities of our consolidated VIEs and liabilities of our consolidated VIEs for which creditors do not have recourse to our general credit as the primary beneficiary. These assets and liabilities are included in the Consolidated Statements of Financial Position.


December 31,	2020	2019
(millions of Canadian dollars)
Assets
Cash and cash equivalents	215	208
Restricted cash	1	1
Accounts receivable and other	65	76

Inventory	7	4
	288	289
Property, plant and equipment, net	3,201	3,392
Long-term investments	14	15
Restricted long-term investments	84	69
Deferred amounts and other assets	3	4
Intangible assets, net	115	124


	3,705	3,893
Liabilities

Accounts payable and other	52	56




	52	56

Other long-term liabilities	175	130
Deferred income taxes	5	5
	232	191
Net assets before noncontrolling interests	3,473	3,702

We currently hold several equity investments in limited partnerships that are assessed to be VIEs due to limited partners not having substantive kick-out rights or participating rights. We have determined that we do not have the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance. Specifically, the power to direct the activities of a majority of these VIEs is shared amongst the partners. Each partner has representatives that make up an executive committee that makes significant decisions for the VIE and none of the partners may make major decisions unilaterally.

The carrying amount of our interest in VIEs that are unconsolidated and our estimated maximum exposure to loss as at December 31, 2020 and 2019 are presented below:


	Carrying Amount of Investment	Enbridge’s Maximum Exposure to
December 31, 2020	in VIE	Loss
(millions of Canadian dollars)
Aux Sable Liquid Products L.P.1	106	187
Éolien Maritime France SAS2	96	949
Enbridge Renewable Infrastructure Investments S.a.r.l.3	100	2,516
Enbridge Éolien France 2 S.a.r.l4	2	230
PennEast Pipeline Company, LLC5	116	371
Rampion Offshore Wind Limited6	599	650
Vector Pipeline L.P.7	201	390
Other8	131	131
	1,351	5,424


	Carrying Amount of Investment	Enbridge’s Maximum Exposure to
December 31, 2019	in VIE	Loss
(millions of Canadian dollars)
Aux Sable Liquid Products L.P.1	123	148
Éolien Maritime France SAS2	67	725
Enbridge Renewable Infrastructure Investments S.a.r.l.3	141	2,720
Gray Oak Holdings LLC9	463	935
PennEast Pipeline Company, LLC5	106	368
Rampion Offshore Wind Limited6	600	620
Vector Pipeline L.P.7	195	392
Other8	57	57
	1,752	5,965

1At December 31, 2020 and 2019, the maximum exposure to loss includes a guarantee issued by us for our respective share of the VIE’s borrowing on a bank credit facility.

2At December 31, 2020 and 2019, the maximum exposure to loss includes the portion of our parental guarantee that has been committed in project construction contracts for which we would be liable in the event of default by the VIE and an outstanding affiliate loan receivable for $132 million and $166 million held by us as at December 31, 2020 and 2019, respectively.

3At December 31, 2020 and 2019, the maximum exposure to loss includes the portion of our parental guarantee that has been committed in project construction contracts for which we would be liable in the event of default by the VIE and an outstanding affiliate loan receivable for $904 million and $766 million held by us as at December 31, 2020 and 2019, respectively.

5At December 31, 2020 and 2019, the maximum exposure to loss includes the remaining expected contributions to the joint venture.

6At December 31, 2020 and 2019, the maximum exposure to loss includes the portion of our parental guarantee that has been committed in project construction contracts for which we would be liable in the event of default by the VIE.

7At December 31, 2020 and 2019, the maximum exposure to loss includes the carrying value of an outstanding affiliate loan receivable for $84 million and $92 million held by us as at December 31, 2020 and 2019, respectively, in addition an outstanding credit facility for $105 million as at December 31, 2020.

8At December 31, 2020 and 2019, the maximum exposure to loss is limited to our equity investment as these companies are in operation and self-sustaining.

We do not have an obligation to and did not provide any additional financial support to the VIEs during the years ended December 31, 2020 and 2019.

In September 2020, Enbridge closed a share purchase agreement with EDF Renouvelables to acquire a 50% interest in Parc Eoilen Offshore de Provence Grand Large, which is developing and constructing an offshore wind facility. Subsequently, on September 18, 2020, Enbridge sold half of its interest to CPP Investments.

EEF2 is a VIE as it does not have sufficient equity at risk to finance its activities and requires subordinated financial support from Enbridge and other partners. We have determined that we do not have the power to direct the activities of EEF2 that most significantly impact its economic performance. Specifically, the power to direct the activities of the VIE is shared amongst the partners. Each partner has representatives that make up an executive committee that makes the significant decisions for the VIE and none of the partners may make significant decisions unilaterally. Therefore, the VIE is accounted for as an unconsolidated VIE.

In December 2018, Enbridge acquired an effective 22.8% interest in the Gray Oak crude oil pipeline through acquisition of a 35% membership interest in Gray Oak Holdings LLC (Gray Oak Holdings), which operates the Gray Oak crude oil pipeline from Texas to the Gulf coast of the US.