AltaGas Ltd. is selling its stake in the Central Penn Pipeline for $870 million. (Photo by THE CANADIAN PRESS)

AltaGas sells stake in Central Penn Pipeline in Pennsylvania for $870 million

CALGARY — AltaGas Ltd. has signed a deal to sell its stake in the Central Penn Pipeline to Meade Pipeline Investment LLC, a subsidiary of NextEra Energy Partners LP for $870 million.

Central Penn is a regulated, 300-kilometre pipeline that starts in Susquehanna County, Penn., and runs to Lancaster County, Penn.

It is part of the Atlantic Sunrise project operated by the Williams Companies through Transcontinental Gas Pipe Line Company LLC.

The pipeline went into service in October 2018 and moves natural gas from the northeastern Marcellus region to markets in the mid-Atlantic and southeastern regions of the United States.

AltaGas says it has now announced or completed about $2.2 billion in asset sales, compared with its goal of $1.5 billion to $2 billion for 2019.

The sale, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter.

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