Parties
Company
Stonepeak Infrastructure Partners
Company
Pembina Gas Infrastructure
Stonepeak Partners LP, a leading investment firm specializing in infrastructure and real assets, recently confirmed its acquisition of a 50% interest in KAPS, a Canadian Natural Gas Liquids (NGL) pipeline system. This expansive system, spanning approximately 560 kilometers, links Northwest Alberta to crucial energy hubs in Edmonton and Fort Saskatchewan. Keyera Corp will retain ownership of the remaining 50% and continue overseeing its operations. Anchored by long-term, take-or-pay agreements with a diverse customer base, the KAPS pipeline holds significant strategic importance. It not only facilitates global energy security but also furthers decarbonization initiatives, especially as the LNG corridor from Western Canada to Asia expands. This development provides a more environmentally-conscious transport alternative, boasting reduced shipping emissions to Asian markets compared to U.S. Gulf Coast routes. Anthony Borreca of Stonepeak underscored the enduring relevance of North American hydrocarbons in the global energy mix. Furthermore, Keyera commits to sustainable ownership, setting ambitious targets to curtail greenhouse gas emissions by 2025 and 2035. As of April 26, 2023, the acquisition stands completed, fortifying Stonepeak's presence in the energy sector.
Deal Type
Merger & AcquisitionIndustry
OtherTransaction
$ 662,500,000Deal Status
ClosedClosing Date
26 April 2023