TC Pipelines acquires majority of pipeline system
Westboro-based TC Pipelines, LP has purchased a 50 percent interest in the Tuscarora Gas Transmission Company for $100 million from Sierra Pacific Resources, an electric utility company.
When the transaction is complete, TC Pipelines, LP will own or control 99 percent of Tuscarora. The remaining one percent belongs to TransCanada Corporation, the parent company and sole general partner of TC Pipelines, LP. TransCanada will become the operator of Tuscarora.
Tuscarora owns a 240-mile, 20-inch diameter, United States interstate pipeline system that originates at an interconnection point near Malin, Oregon and runs southeast through northeastern California and northwestern Nevada, terminating near Wadsworth, Nevada.
The transaction is expected to close by year end.
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