Coastal GasLink pipe sections on the ground at the Port of Stewart last week. (Coastal GasLink photo)

Coastal GasLink pipe sections on the ground at the Port of Stewart last week. (Coastal GasLink photo)

TC Energy to sell a 65% equity interest in Coastal GasLink pipeline

Once deal is done, Coastal GasLink will secure financing with a syndicate of banks

The company behind the $6.2-billion Coastal GasLink pipeline in British Columbia says it’s made a deal to sell a 65 per cent equity interest in the project.

TC Energy Corp. says in a news release that it has entered into an agreement for the sale to KKR and Alberta Investment Management Corporation (AIMCo), on behalf of certain AIMCo clients.

The pipeline’s planned 670-kilometre route from northeastern B.C. to LNG Canada’s export terminal in Kitimat is intended to deliver natural gas to the $40-billion LNG Canada project.

TC Energy also says it expects that once the deal is done, Coastal GasLink will secure financing with a syndicate of banks in order to fund up to 80 per cent of the project during construction.

It says both transactions are expected to close in the first half of 2020, subject to customary regulatory approvals and consents, including the consent of LNG Canada.

ALSO READ: Coastal GasLink receives first delivery of pipe sections

After the deal closes, TC Energy says it will hold a 35 per cent limited partnership equity interest in Coastal GasLink and will be contracted by the limited partnership to construct and operate the pipeline.

“We look forward to establishing a long-term relationship with KKR and AIMCo as we advance this critical energy infrastructure project,” TC Energy president and CEO Russ Girling says in a news release Thursday.

“We remain fully committed to the project and will continue to construct, deliver and operate the pipeline on behalf of the partnership.”

TC Energy — formerly TransCanada Corp. — announced in 2018 that it intended to reduce its interest in the Coastal GasLink pipeline project, and announced last January that it hired RBC to help it sell as much as a 75 per cent stake in the project.

Construction of the natural gas pipeline — a key part of the multibillion dollar LNG Canada development in Kitimat — led to protests and arrests, although 14 charges were eventually dropped.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Residents line up outside the Vernon Recreation Complex for their COVID-19 vaccine Saturday, June 5. (Jennifer Smith - Morning Star)
No appointments necessary for first dose COVID-19 vaccine: Interior Health

People can just show up at clinics, register on the spot and get the shot

1914
It happened this week in 1914

June 6 -12: Compiled by Dave Humphrey from the archived newspapers held at the Cranbrook History Centre and Archives

Provincial Health Officer Dr. Bonnie Henry on Thursday, June 10, mentioned Grand Forks among two other COVID “hot spots” in B.C. Photo: Screenshot - YouTube COVID-19 BC Update, June 10, 2021
PHO Henry says West Kootenay city is a COVID ‘hot spot’ in B.C.

There are 11 cases of COVID-19 in the Grand Forks local health area, according the BC CDC

Supporters — and shoppers — lined up waiting at the Cranbrook Health Care Auxiliary Thrift Store on 8th Avenue South, waiting for the doors to open on the store's first day of operations since the pandemic forced its closure. (Photo courtesy Kate Fox)
CHCA Thrift Store re-opens in Cranbrook

After a closure of 15 months, due to the pandemic, the Cranbrook Health Care Auxiliary Thrift Store on 8th Avenue South has once again opened its doors for business.

t
How to tell if a call from ‘CRA’ is legitimate or a scam

Expert says it’s important to verify you really are dealing with the CRA before you give out any info

57-year-old Kathleen Richardson was discovered deceased in her home Wednesday, June 9, 2021. Her death is considered a homicide and connected to the slain brothers found on a Naramata forest road. (Submitted)
Condolences pour in for Kathy Richardson, Naramata’s 3rd homicide victim in recent weeks

Richardson was well liked in the community, a volunteer firefighter with a home-based salon

A person receives a COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
More than 75% of B.C. adults have 1st dose of COVID vaccine

The federal government has confirmed a boost in the Moderna vaccine will be coming later this month

Airport ground crew offload a plane carrying just under 300,000 doses of the single-shot Johnson & Johnson COVID-19 vaccine which is developed by the Janssen Pharmaceutical Companies at Pearson International Airport during the COVID-19 pandemic in Toronto on Wednesday, April 28, 2021. THE CANADIAN PRESS/Nathan Denette
1st batch of Johnson & Johnson vaccines won’t be released in Canada over quality concerns

The vaccines were quarantined in April before they were distributed to provinces

The rainbow flag flies beside the Canadian flag outside the University of the Fraser Valley’s Chilliwack campus on June 26, 2020. Monday, June 14, 2021 is Flag Day, and also June is Pride Month. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of June 13 to 19

Flag Day, Garbage Man Day, International Panic Day all coming up this week

British Columbia-Yukon Community News Association’s 2021 Ma Murray Awards were handed out during a virtual ceremony on Friday, June 10. (Screen grab)
Black Press Media winners take gold at B.C. and Yukon journalism awards

Publications received nods in dozens of categories

Forty sled dogs were seized by the BC SPCA from a Salmo kennel in February. A recent ruling has decided the dogs won’t be returned. Photo: Gounsil/Flickr
BC Farm Industry Review Board rules against Salmo kennel after 40 sled dogs seized

Spirit of the North Kennels was also ordered to pay BC SPCA $64,000

Prime Minister Justin Trudeau greets campers while visiting McDougall, Ont. on Thursday, July 19, 2018. THE CANADIAN PRESS/Frank Gunn
71% of B.C. men say they’d prefer to go camping with Trudeau: survey

Most British Columbians with plans to go camping outdoors say they’d prefer to go with Trudeau or Shania Twain

Members of the Department of Fisheries and Oceans’ Marine Mammal Response Program rescued an adult humpback what that was entangled in commercial fishing gear in the waters off of Entrance Island on Thursday, June 10. (Photo courtesy Marine Mammal Response Program)
Rescuers free humpback ‘anchored’ down by prawn traps off Vancouver Island

Department of Fisheries and Oceans responders spend hours untangling whale

Most Read