TC Energy Corp. announced Tuesday that it expects to raise C$1.15 billion ($860 million) for pipeline growth projects with the sale of assets in northern Alberta oilsands production network.
Alberta Investment Management Corp., a manager of pension and other funds for the provincial government, is buying 85% ownership of TC Energy’s Northern Courier Pipeline. TC Energy, formerly TransCanada Corp., would retain a 15% ownership interest in the pipeline after the sale closes.
The 90-kilometer (56-mile) conduit connects extraction and storage operations north of Fort McMurray, transporting bitumen and diluent.
TC Energy president Russ Girling said the sale, which is expected to close in 3Q2019, supports the pipeline firm’s C$30 billion ($22.5 billion) international portfolio of growth projects. So far this year, TC has announced C$1.75 billion (US$1.3 billion) of asset sales.