Pipeline operator TC Energy Corp. said May 25 it had completed the sale of a 65% stake in its Coastal GasLink pipeline, which will move gas from northeast British Columbia to the Pacific Coast.
Private equity firm KKR & Co. Inc. said in December that it and Alberta Investment Management Corp. would jointly buy the 65% Coastal GasLink stake.
The company said the partnership also includes a credit agreement with a syndicate of banks to fund the majority of the construction costs. Together, these transactions have resulted in the company realizing immediate proceeds of approximately C$2.1 billion, TC Energy said in a company release.
The C$6.6 billion pipeline, to be operated by TC Energy, had earlier faced opposition from an indigenous group, saying the project interfered with hunting and trapping rights.
Recommended Reading
Subal: Pockets of Growth Balance Fears of Slowdown
2024-01-11 - U.S. midstream and energy infrastructure has a mixed outlook for 2024, with a possible loss in demand and stronger focus on renewables offset by solid oil prices and a healthy midstream industry with pockets of growth.
Canada's Long-delayed Trans Mountain Pipeline Plans Line Fill for March or May
2024-01-05 - Trans Mountain is awaiting a regulatory decision on its request for a construction change.
Oscars Season? Meet Guidance Season … and the Winner is?
2024-01-18 - Like movies under the Marvel and “Star Wars” banners—that have recently bombed—growth stocks are continuing a good run, but the appeal of the niche midstream sector could take center stage in 2024.
KMI Considers Expanding Capacity out of Permian
2024-01-19 - Kinder Morgan reports customers may need more space on its Gulf Coast Express by 2027.
FERC Approves Two Pipeline Projects in Tennessee, Texas and Louisiana
2024-01-19 - FERC-approved plans for the two pipeline projects will bring natural gas to future power plants and the Gulf Coast.