TC Energy
In December 2019 TC Energy divested some of their stake in the pipeline to KKR and AIMco. They still have a 35% equity interest in the CGL pipeline, and are responsible for building and maintaining it for its life. TC Energy solicited and chose contractors to do construction.

KKR & Co. Inc. (formerly known as Kohlberg Kravis Roberts & Co. and KKR & Co. L.P.) is an American global investment company. In December 2019 KKR finalized an agreement with TC Energy which saw them purchase part of a 65% share with AIMco, an Alberta investment firm.

AIMco is the Alberta Investment Management Corporation which funds a lot of provincial pensions. In December 2019 they purchased a 65% stake in the CGL pipeline with KKR.

Notably, AIMco happens to be a crown corporation with a board full of current and ex-energy executives. To name a few of them;

1) Richard Bird: of Enbridge Energy Partners L.P., Enbridge Pipelines Inc., Enbridge Income Fund Holdings Inc. and Bird Construction Company Inc.

2) Tom Woods: of Bank of America Corporation; the CIBC Children’s Foundation; St Michael’s Hospital Foundation; the Board of Advisors of the Department of Mechanical and Industrial Engineering University of Toronto

3) Jackie Sheppard: of Black Swan Energy Inc., Cairn Energy PLC, and Seven Generations Energy Ltd.

AIMco also funds the pensions for all police officers, police chiefs, and deputy chiefs employed by local authorities in Alberta, as well as provincial judges and masters in chambers.

Additionally; AIMco also has interests in the Northern Courier pipeline within Alberta and is now eyeing the TransMountain pipeline. Imagine contesting those projects: You would be arrested by and tried before individuals with a direct financial interest in the project you were organizing against.


The Money

  • RBC is now TC Energy’s sole financial advisor on the project
  • HSBC and TD are acting as KKR’s financial advisors
  • Export Development Canada (EDC) will loan between $250 million and $500 million to the company building the project, based on an agreement signed April 28. EDC is an export credit company owned by the canadian government, with 17 regional offices throughout the country.