Borealis Infrastructure, the infrastructure investment arm of OMERS, has completed the previously announced sale of its 33% interest in Express-Platte Pipeline System to Spectra Energy Corp. for approximately USD$430 million.
“Express-Platte Pipeline has been an excellent investment for Borealis Infrastructure, through which it has created significant value for OMERS and the opportunity to redeploy capital in large-scale global infrastructure assets,” said Michael Rolland, president and CEO of Borealis Infrastructure.
Express-Platte Pipeline is a 2,763-kilometre crude oil pipeline system running from Hardisty, Alta., to Wood River, Ill. It transports Alberta crude through the Rockies and Alberta and U.S. crude further on to Wood River.
Borealis Infrastructure’s partners in the investment—Kinder Morgan Energy Partners L.P. and the Ontario Teachers’ Pension Plan—also sold their interests in Express-Platte Pipeline to Spectra Energy.