TC Energy inks deal to sell stake in Northern Courier pipeline to AIMCo for $1.15B

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

Watch below: Some videos from Global News’ coverage of pipelines in Canada.

3:11 NDP government vows to appeal Trans Mountain pipeline court loss

• NDP government vows to appeal Trans Mountain pipeline court loss
• Court rules B.C. doesn’t have say in what goes in national pipeline
• Kenney responds to Supreme Court ruling on Trans Mountain: ‘We’re delighted’
• Court rules B.C. cannot restrict oil shipments across borders, gov’t vows to appeal decision
• Trans Mountain pipeline makes ‘no economic sense’: May
• Possible elimination of Alberta carbon tax has ‘no bearing’ on project approval: Trudeau
• The Indigenous divide over the Trans Mountain pipeline expansion project
• Enbridge Line 3 replacement pipeline delayed
• Pipeline protesters interrupt Morneau during talks about LNG 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.