Kinder Morgan says it will move forward with the $7.4-billion Trans Mountain pipeline expansion as long as it gets enough financing through its initial public offering. The company announced its final investment decision on the project Thursday, which is conditional on a successful IPO.
It’s offering 102.9 million shares at $17 a share, in the hopes of bringing in $1.75 billion by May 31st. A statement says the political climate was not ideal for the decision, but they’re moving ahead as the project’s financing contingency period is over at the end of May.
The project will twin an existing pipeline between Edmonton and Burnaby, B.C. and has been approved by both the federal and provincial governments. Construction is expected to start in September 2017 and wrap up in December 2019.