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Canada's TC Energy completes Coastal GasLink pipeline stake sale

Reuters
·1 min read

(Reuters) - Pipeline operator TC Energy Corp 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 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.

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.

(Reporting by Nivedita Balu in Bengaluru; Editing by Tom Brown)