Oil & Gas Product News Logo

TC Energy completes key Coastal GasLink transactions

tc energy logo

TC Energy Corporation has completed the sale of a 65 percent equity interest in the Coastal GasLink Pipeline Project (Coastal GasLink or the Project).

In addition, the Coastal GasLink Pipeline Limited Partnership has executed a credit agreement with a syndicate of banks extending non-recourse project-level financing to fund the majority of the construction costs for the Project which, with the closing of the equity sale, are available to be drawn.  Together, these transactions have resulted in the Company realizing immediate proceeds of approximately $2.1 billion. 

TC Energy remains committed to partnering with the 20 First Nations who have executed agreements with Coastal GasLink and, as previously announced, has provided an opportunity for them to invest in the Project with an option to acquire a 10 per cent equity interest in Coastal GasLink on similar terms as the 65 per cent interest. 

The introduction of high-quality partners, establishment of a dedicated project-level financing facility, recovery of cash payments through construction for carrying charges on costs incurred and remuneration for costs to date are expected to substantially satisfy TC Energy's Coastal GasLink funding requirements through project completion, further solidifying the Company's financial flexibility. 

Coastal GasLink involves the construction of 670 kilometres (416 miles) of pipeline and associated facilities. Once completed, the pipeline will have an initial capacity of 2.1 billion cubic feet per day and connect abundant Western Canadian Sedimentary Basin natural gas supply from the Dawson Creek, B.C. area to the LNG Canada liquefaction and export facility being constructed in Kitimat, B.C. All necessary regulatory permits have been received for the Project and construction is underway. Coastal GasLink continues to engage with Indigenous and local communities as we safely progress essential construction activities across the route.

Company info

450 - 1 Street SW
Calgary, AB
CA, T2P 5H1

Website:
transcanada.com

Read more

More from Industry News

Sponsored Brought to you by: Globalstar Canada Logo

Opening New Windows into Remote Asset Management and Worker Safety with Satellite Communications

Industries such as construction, mining, energy, utilities and forestry, face many challenges when it comes to tracking assets and employees. Equipment often has to be transferred between locations, or monitored while it is dormant during off seasons. Lone workers may have to travel long distances or visit multiple sites during the course of their activities. And, all of this is further complicated today with shifting supply chains and economic realities putting further strain on the bottom line. 

Learn more

Get our newsletter

Subscribe to our free magazine

Get Our Magazine

Paper or Digital delivered monthly to you

Subscribe or Renew Learn more

Get our newsletter

Subscribe to our free magazine

Get Our Magazine

Paper or Digital delivered monthly to you

Subscribe or Renew Learn more