TC Energy Completes Sale of Coastal GasLink Stake

5/25/2020

(Reuters) — Pipeline operator TC Energy said on Monday 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 purchase 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.

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.