Earlier this year, TC approved a plan to split into two separate energy infrastructure companies. Credit: PublicDomainPictures from Pixabay.

North American pipeline company TC Energy is considering divesting assets worth $10bn to reduce debt and fund new investments, reported Bloomberg News.

The company is looking to sell stake in ANR Pipeline, which has an enterprise valuation of around $3bn, reported the news agency, citing undisclosed people.

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TC Energy is also considering the sale of a stake in its undisclosed Mexican operation as well as a controlling stake in the Portland Natural Gas Transmission System and a minority interest in the Millennium Pipeline.

The pipeline company has not made any final decisions on the proposed sales and could continue to retain some or all of the assets, according to the report.

The company stated: “As we have previously disclosed, as part of our ongoing capital rotation programme, we continue to evaluate opportunities to further our de-leveraging objectives and optimally fund our secured capital programme.”

Earlier this year, TC Energy divested a 40% stake in its Columbia Gas Transmission and Columbia Gulf Transmission pipelines to Global Infrastructure Partners (GIP) in a deal worth C$5.3bn ($3.82bn).

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In July 2023, the company approved its plan to split into two separate energy infrastructure companies by spinning off its Liquids Pipelines business.

The spin-off will result in creation of two entities – TC Energy and Liquids Pipelines Company (LPC).

It is due to be completed in the second half of 2024.

The spinoff decision follows the completion of a two-year strategic review and will help reduce debt.

TC Energy will focus on natural gas infrastructure spanning 93,700km, as well as nuclear, pumped hydro energy storage and new energy opportunities. LPC will be a critical infrastructure company with highly strategic assets.