The move, announced Monday, is the culmination of an asset divestiture program that Calgary-based TC Energy announced last fall.
Global Infrastructure Partners’ share of capital expenditures will average more than $1.3 billion annually over the next three years, TC Energy said.
The divestiture comes as TC Energy has faced rising costs for its Coastal GasLink project, which is currently under construction in B.C. and more than 90 per cent complete. Earlier this year, TC Energy raised the projected cost of the Coastal GasLink project to $14.5 billion, up from an earlier estimate of $11.2 billion.
RBC analyst Robert Kwan wrote in a research note Monday that he likes the Columbia pipelines transaction because it takes a “sizable chunk” out of TC Energy’s $5-plus billion asset monetization program all at once, via a transaction with a “well-regarded partner.”TC Energy is slated to report its second quarter earnings on Friday.
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