TC Energy sells majority stake in Northern Courier pipeline to AIMCo
TC Energy Corp. has signed a deal to sell an 85 per cent stake in its Northern Courier Pipeline to Alberta Investment Management Corp. for roughly $1.15 billion.
The company – formerly known as TransCanada – transports bitumen and diluent along the 90 kilometre pipeline between the Fort Hills mine site in northern Alberta and Suncor Energy’s terminal north of Fort McMurray, Alta.
TC Energy will retain a 15 per cent stake and remain the operator of the pipeline, according to Canadian Press.
The transaction is expected to close in the third quarter.
TC Energy chief executive Russ Girling says the sale helps the company’s efforts to fund its capital program.
The company recently completed the sale of its Coolidge Generating Station in Arizona to a subsidiary of Southwest Generation Operating Co. LLC.