TC Energy announced that it had agreed to sell a 65 per cent stake in its Coastal GasLink pipeline project. Earlier in 2019, the company announced that it had hired RBC to reduce its interest in the project.
With the TC Energy sale to Alberta Investment Management Corporation (AIMCo) and a private investment firm, construction on the proposed 670-kilometre pipeline will continue on — with the terminus of the project being a $40 billion export facility in Kitimat, B.C.
In related news, the British Columbia Supreme Court ruled in favour of Coastal GasLink allowing the company to continue construction on the $6.6 billion pipeline. Arguing that the company has suffered irreparable harm from protests blocking parts of the route, the court granted an injunction and enforcement order.
The decision will provide the RCMP with a mandate to ensure work crews have access to the pipeline route—something they were scrutinized for after enforcing a previous injunction.