Borealis Infrastructure, the infrastructure investment arm of the OMERS pension plan, has completed the previously announced sale of its 33% interest in Express-Platte Pipeline System (Express-Platte Pipeline) to Spectra Energy Corp (Spectra Energy) for gross proceeds of 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, Alberta to Wood River, Illinois. It transports Alberta crude through to the Rockies and Alberta and U.S. crude further on to Wood River, a major Midwest oil refining hub.
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.