By Canadian Press

Keystone XL Pipeline

TC Energy says it is going ahead with US$8-billion Keystone XL project

Mar 31, 2020 | 7:11 AM

CALGARY – TC Energy Corp. says it is going ahead with construction of its US$8-billion Keystone XL Pipeline project.

The 1,947-kilometre project will be able to carry 830,000 barrels per day of crude oil from Hardisty, Alta., to Steele City, Neb. where it will connect with TC Energy’s existing facilities.

The company formerly known as TransCanada says with pre-construction activities underway, the pipeline is expected to enter service in 2023.

The Alberta government has agreed to invest approximately US$1.1 billion as equity in the project, which substantially covers planned construction costs through the end of 2020.

The remaining US$6.9 billion is expected to be funded through a combination of a US$4.2-billion project level credit facility to be fully guaranteed by the Alberta government and a US$2.7-billion investment by TC Energy.

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Once the project is complete and in service, TC Energy expects to acquire the Alberta government’s equity investment under agreed terms and conditions and refinance the US$4.2-billion credit facility in the debt capital markets.