TC Energy to Sell Portland Natural Gas Transmission System for $1.14 Bln

Reuters

March 4 (Reuters) – TC Energy  said on Monday it has agreed to sell Portland Natural Gas Transmission System (PNGTS) to BlackRock  for $1.14 billion as part of its ongoing efforts to reduce debt and fund investments.

CEO Francois Poirier had said in 2022 the company planned to raise more than C$5 billion ($3.69 billion) through 2023. The company is aiming to sell at least C$3 billion ($2.21 billion) worth of assets this year to reduce debt, likely through two to four sales.

PNGTS is a 475-kilometer (295-mile) transporter of natural gas serving the upper New England and Atlantic Canada markets.

($1 = 1.3563 Canadian dollars)

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