TransCanada to sell $223-mln pipeline stake

Canada

CALGARY, November 9, 2015 – TransCanada has agreed to sell 49.9 percent of its interest in the 474-kilometre Portland Natural Gas pipeline to US gas company TC PipeLines, the North American energy company announced Friday in a statement.

According to the statement, the transaction will comprise $188 million in cash and the assumption of about $35 million in debt accrued by TransCanada.

After the deal is completed, TransCanada will hold a 11.8-percent interest in the Portland Natural Gas, which is an interstate pipeline providing natural gas to New England.

“Asset sales to the partnership provide TransCanada with cash proceeds to help fund our capital programme and further diversify the partnership’s asset base, positioning it for continued growth,” Russ Girling, TransCanada president and CEO, said in the company statement.

On Thursday, the company also revealed its plans to nix one of two planned export terminals in eastern Canada intended to connect with midstream company Energy East.

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