TC Energy nears $726 million deal with indigenous Canadian groups for stake in 16,000-mile natural gas pipeline system
(UI) – According to Bloomberg, TC Energy is close to selling a stake in its natural gas pipeline system to indigenous communities in Western Canada.
With support from Alberta’s government, a provincial agency has conditionally approved a C$1 billion ($726 million) loan guarantee to finance the deal. Indigenous groups from Alberta, British Columbia, and Saskatchewan are involved in the consortium.
The deal, involving TC Energy’s NGTL System, which spans over 24,000 km (approximately 16,000 miles) and transports natural gas in Canada’s western provinces, is expected to be announced on July 30, with finalization in late August.
This sale is part of TC Energy’s strategy to reduce debt after cost overruns on the Coastal GasLink pipeline project. Last year, TC Energy surpassed its C$5 billion divestiture target by selling a 40% stake in two U.S. pipeline networks. The company plans to divest another C$3 billion in assets soon.
This story was originally reported by Bloomberg.
Related News
From Archive
- Tunnel boring machine ‘Clack-A-Mole’ nears one-third completion in Oregon outfall project
- Explosion in underground PG&E vault leaves one dead in Richmond, Calif.
- Sinkhole in Texas town accrues over $800,000 in sewer rehabilitation costs
- Water and Sewer Damage Awareness Week highlights infrastructure challenges
- Duke Energy undergrounds 48% of Florida power lines with plans to expand as hurricane season peaks
- Wisconsin proposes new PFAS drinking water standards to align with federal rules
- Elgin, Ill., joins EPA drinking water initiative to accelerate lead pipe replacement
- Dog River pipeline replacement in Oregon improves water supply with new HDPE pipe
- GasTracker Accurately Locates Plastic Gas Pipes
- Union County, Ga., breaks ground on $20.5 million fiber broadband expansion project
Comments