: TC Energy sells 40% stake in transmission projects to Global Infrastructure Partners for $3.9 bln

TC Energy Corp. TRPCA:TRP said Monday it agreed to sell a 40% interest in its Columbia Gas Transmission LLC and Columbia Gulf Transmission LLC to private equity firm Global Infrastructure Partners (GIP) for C$5.2 billion ($3.9 billion) in cash. TC Energy will continue to operate the pipelines while TC Energy and GIP will jointly invest in annual maintenance, modernization and provide growth capital to enhance capacity in the system. GIP will also fund 40% of gross capital spending of more than C$1.3 billion each year over the next three years. TC Energy CEO François Poirier said the company continues to evaluate opportunities to reduce its debt and fund its capital program. “We welcome the opportunity for this joint venture to leverage the combined assets and capabilities of TC Energy and GIP to serve growing market needs for cleaner fuels, energy security and energy affordability,” said GIP CEO Bayo Ogunlesi. TC Energy stock rose fractionally in premarket trades on Monday. The Columbia Gas and Columbia Gulf pipelines transfer natural gas products over more than 15,000 miles in North America. Not including Monday’s trades, the stock is down 0.8% in 2023.

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