TC Energy has partnered with Global Infrastructure Partners (GIP) through the sale of a 40 percent interest in its Columbia Gas Transmission and Columbia Gulf Transmission systems for C$5.2 billion ($3.9 billion) in cash.
The Columbia Gas and Columbia Gulf pipelines span more than 15,000 miles across a North American natural gas network. These assets deliver a substantial portion of daily U.S. natural gas demand, including approximately 20 percent of U.S. LNG export supply.
Following the transaction, Columbia Gas and Columbia Gulf will be held in a new joint venture partnership between TC Energy and GIP. TC Energy will continue to operate the systems, and both companies will jointly invest in annual maintenance, modernization and sanctioned growth capital to enhance system capacity and reliability. GIP will fund its 40 percent share of gross capital expenditures, which are expected to average more than C$1.3 billion ($1 billion) annually throughout t