TC Energy to Sell $5 Billion in Assets in 2023

The Calgary-based pipeline operator TC Energy Corp. plans to sell $5 billion in assets in 2023 in order to reduce debt and fund growth projects.

During a conference call on Wednesday, the company’s chief executive Francois Poirier said TC Energy would look to sell off non-core assets to help fund its bigger expansion targets without the need of taking big amounts of debt. “We are opportunity rich,” he added.

“And being opportunity opportunity-rich means we expect to sanction additional high-quality growth projects that will further differentiate TC Energy as an industry leader. So there is a need to balance our sources and uses of capital without the reliance on further external equity.”

The greenhouse gas emissions profile of individual assets will be a component as the corporation works to decrease its carbon footprint, however, Poirier declined to disclose information about which assets could be available for sale.

He also noted that TC Energy’s goal of achieving net-zero greenhouse gas emissions by 2050 can be achieved more quickly thanks to a divestiture program that provides the necessary resources for these initiatives.

Original source material for this article taken from here