TC Energy completes $1.1 billion sale of 295-mile Portland Natural Gas Transmission System
(WO) – TC Energy Corporation and its partner Northern New England Investment Company, Inc., a subsidiary of Énergir L.P. (Énergir), announced the successful completion of the sale of Portland Natural Gas Transmission System (PNGTS) for $1.14 billion.
PNGTS is a 475-km (295-mile), FERC-regulated transporter of natural gas serving the upper New England and Atlantic Canada markets. The pipeline receives natural gas from the Trans Quebec and Maritimes (TQM) Pipeline via the Canadian Mainline. TC Energy will provide customary transition services and will work jointly with the Buyer to ensure the safe and orderly transition of this critical natural gas system.
“Completing this transaction demonstrates continued progress towards delivering on $3 billion in asset divestitures and enhancing our balance sheet strength,” said François Poirier, TC Energy’s President and Chief Executive Officer. “We remain focused on reaching our 4.75 times debt-to-EBITDA upper limit by year-end, and today’s announcement takes us one step closer to achieving this goal.”
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