With the market stumbling again over the last few weeks, shares of Enbridge (ENB 1.71%) have plunged 19% below their recent high. The sell-off has pushed the energy infrastructure giant's dividend yield up to 7%. That makes the company an even more compelling investment opportunity, given its growth prospects.

Enbridge recently enhanced its ability to grow by making several value-enhancing moves. With shares now cheaper, and more growth lined up, the stock looks set to soar in the coming years.

Enhancing its renewable operations

Enbridge recently acquired Tri Global Energy (TGE), a leading renewable energy project developer. It's investing $270 million and could make an additional $50 million of payments contingent on TGE's success in executing its projects. TGE is currently the third largest onshore wind energy developer in the U.S. and has 7 gigawatts (GW) of wind and solar energy projects under development. To put that into context, Enbridge has over 2.1 GWs of renewable energy projects in operation or under construction, enough to power 940,000 homes. 

TGE will enhance Enbridge's renewable platform and accelerate its North American growth strategy. TGE has 3 GW of wholly owned late-stage development projects it expects to place into service in the 2024 to 2028 timeframe. They should supply Enbridge with growing cash flows as they start up. 

The fuel to continue growing

The TGE deal is the latest move by the company to enhance its growth prospects. Enbridge has also recently completed transactions that enhanced its financial flexibility and strategic focus.

One of those deals was the sale of an 11.57% non-operating interest in seven pipelines in Canada to Athabasca Indigenous Investments for 1.12 billion Canadian dollars ($820 million). That transaction represented the largest energy-related Indigenous economic partnership in North America. It will enable Enbridge to recycle capital at an attractive valuation so that it can fund other growth opportunities, such as the TGE deal. 

Enbridge also enhanced its U.S. Gulf oil strategy in a deal with refiner Phillips 66 (PSX -2.51%). Enbridge and Phillips 66 consolidated two joint ventures. The net result is that Enbridge will increase its economic interest in the Gray Oak oil pipeline from 22.8% to 58.5% while decreasing its stake in DCP Midstream from 28.3% to 13.2%. Enbridge will also receive $400 million in cash from Phillips 66. The transaction enabled Enbridge to recycle capital while reducing its exposure to commodity prices and strengthening its low-risk pipeline-utility model. Meanwhile, the mutually beneficial transaction enhanced Phillips 66's natural gas liquids strategy.

Another notable move was its investment in Woodfibre LNG. Enbridge is taking a 30% stake in the CA$5.1 billion ($3.7 billion) LNG export project that should come online in 2027. A portion of its investment will also help fund a pipeline connecting Woodfibre to the company's T-South natural gas transmission system. Enbridge sees the potential of investing another CA$2.5 billion ($1.8 billion) to expand that system in the future. It had also recently approved a CA$1.2 billion ($880 million) expansion of its T-North system, fueled by growing demand.

A better company at a better value

Enbridge's recent moves are adding to its already strong value proposition. The pipeline and utility giant expects its stable operations to generate between CA$5.20-CA$5.50 per share ($3.81-$4.03 per share) of distributable cash flow this year, up 8% from 2021's level at the midpoint. With Enbridge's stock price falling about 19% from its recent peak to around $39 per share, it now trades at less than 10 times its cash flow. That's incredibly cheap for a company with stable growth prospects.

Enbridge currently has the investment capacity and secured capital backlog to support 5% to 7% growth through 2024. Meanwhile, the TGE deal and some other recently secured investments have the company on track to continue growing at a solid rate well past 2024.

That should give Enbridge the power to keep increasing its dividend. The company delivered its 27th straight year of dividend growth in 2022. That's one of the energy sector's better dividend growth track records.

A powerful combination

Shares of Enbridge have fallen 19% even though it has reaffirmed its 2022 growth forecast while enhancing its future prospects. The stock seems set to soar as market conditions improve and the company executes its expansion strategy. Add in its rock-solid 7%-yielding dividend, and Enbridge could fuel big-time total returns for investors in the coming years. That makes it look like a great dividend stock to buy for the long haul.