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 says the 90 kilometre pipeline transports bitumen and diluent between the Fort Hills mine site in northern Alberta and Suncor Energy’s terminal north of Fort McMurray, Alta.
READ MORE: Northern Courier line approved
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The Indigenous divide over the Trans Mountain pipeline expansion project -
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TC Energy will retain a 15 per cent stake and remain the operator of the pipeline.
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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.
READ MORE: TransCanada name change to TC Energy ‘de-emphasizes’ Canada for leery investors: analyst
The company recently completed the sale of its Coolidge Generating Station in Arizona to Salt River Project Agriculture Improvement and Power District.
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