TC Energy sells minority stake in Western Canada network to Indigenous group
CREDIT: TC Energy
System compressor station and pipeline right-of-way near Nordegg, Alta.
TC Energy Corporation, a major Canadian pipeline company that transports more than one quarter of all natural gas consumed in North America, said it is selling a stake in its network to an Indigenous-owned investment group.
A consortium of Indigenous communities across Alberta, British Columbia and Saskatchewan will pay $1 billion to acquire a 5.3 per cent stake in the company’s infrastructure assets that span Western Canada, TC Energy said in a news release Tuesday.
The agreement is backed by a guaranteed loan by the Alberta Indigenous Opportunities Corporation, an arms-length provincial government funding vehicle. The transaction is expected to close in the third quarter of 2024.
