TC Energy Completes $1.14 Billion Sale of Portland Natural Gas Transmission System
(P&GJ) — TC Energy Corp. has completed the sale of its Portland Natural Gas Transmission System (PNGTS) for $1.14 billion, in partnership with Northern New England Investment Company, Inc., a subsidiary of Énergir L.P.
PNGTS is a 475-kilometer (295-mile) FERC-regulated transporter of natural gas serving the upper New England and Atlantic Canada markets. The pipeline receives natural gas from the Trans Quebec and Maritimes (TQM) pipeline via the Canadian Mainline.
The sale price includes $250 million in outstanding senior notes held by PNGTS, which were assumed by the buyers.
“Completing this transaction demonstrates continued progress towards delivering on $3 billion in asset divestitures and enhancing our balance sheet strength,” François Poirier, TC Energy’s president and CEO, said. “We remain focused on reaching our 4.75 times debt-to-EBITDA upper limit by year-end, and today’s announcement takes us one step closer to achieving this goal.”
Proceeds from the sale will be divided based on previous ownership stakes, with TC Energy holding 61.7% and Énergir 38.3%. TC Energy will continue to provide transition services to ensure a smooth handover of the natural gas system.
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- TC Energy’s North Baja Pipeline Expansion Brings Mexico Closer to LNG Exports
Comments