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.