Kinder Morgan, Inc.’s KMI Trans Mountain pipeline expansion may not receive funding from Canadian lender, Desjardins, which cited concerns about the project’s impact on the environment. Desjardins had committed $145 million to Kinder Morgan’s Trans Mountain pipeline expansion.Data points:
Desjardins, the largest association of credit unions in North America, is no longer contemplating on funding energy pipelines. Per the sources, on Jul 7, the company temporarily suspended lending for such projects and stated that it could finalize the decision. However, a final statement would be made by the lender in September.
Per sources, Desjardins, a financier of Kinder Morgan Canada Ltd's expansion of Trans Mountain pipeline, has been appraising its policy for such lending for months.
If Desjardins sticks to its decision permanently, the association will stop funding other major Canadian pipeline projects, including TransCanada Corp's Keystone XL, Energy East and Enbridge Inc's ENB Line 3.
Such a move would follow that of Dutch lender ING Groep NV, which has a long-standing policy of not backing projects directly linked to oil sands. It is the latest indication that pipelines could face difficulty while applying for funds as banks face pressure from withdrawals.
- Desjardins: largest association of credit unions in North America
- ING Groep NV: Dutch lender -- long-standing policy of not backing projects linked to oil sands
- Desjardins: appears to be taking same stance -- backing away from projects linked to oil sands
- Desjardins: had committed $145 million to KMI's TransMountain pipeline expansion; apparently re-appraising that commitment; decision to be announced September, 2017
- Desjardins decision: if Desjardins sticks to decision permanently, it would not fund -- TransCanada's Keystone XL, Energy East; and, Enbridge's ENB Line 3
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