TC energy nears sale of gas pipeline stake to Indigenous groups – BNN Bloomberg

July 23, 2024

(Bloomberg) — TC Energy Corp. is nearing a deal to sell a stake in a natural gas pipeline system to Indigenous communities in Western Canada, with help from Alberta’s government.

A provincial government agency has given “contingent approval” on a $1 billion loan guarantee to allow the Indigenous consortium to finance the deal, according to a letter from TC Energy seen by Bloomberg News. Dozens of Indigenous communities in Alberta, British Columbia and Saskatchewan — Canada’s three westernmost provinces — are part of the buying group.

Calgary-based TC Energy plans to announce the transaction on July 30, the letter said, with closing set for late August. It cautioned that there are legal, financial and regulatory matters still to be finalized.

TC Energy’s NGTL System gathers and transports natural gas in Canada’s western provinces for domestic and export markets. The network is 24,386 kilometres (15,153 miles) in length and runs between Alberta and British Columbia.

Read More: https://www.bnnbloomberg.ca/business/2024/07/23/tc-energy-nears-sale-of-gas-pipeline-stake-to-indigenous-groups/