Total Financing from RBC:
RBC Capital Markets are the joint-bookrunners, and the co-lead arrangers on this loan. Other Canadian banks TD, BMO, Scotiabank, National Bank, and CIBC are also the financiers of the Trans Mountain pipeline
Due to a lack of transparency from the banks & the federal government, it is unclear what the total loan amounts per individual bank are. If equally parsed out, each bank would be responsible for $2.84 billion.
The Details on TMX
The TransMountain pipeline project is the twinning and massive expansion of the existing crude oil pipeline that runs from Strathcona County, AB to Burnaby, BC.
Credit: Trans Mountain
The TransMountain pipeline was purchased by the Canadian federal government in 2018, for 4.5 billion dollars. Project costs are increasing at a skyrocketing rate with reports of a 44% increase released in February 2022, bringing current construction cost to almost $35 Billion dollars. Due to a lack of transparency from the banks as well as the federal government, it is unclear what the total loan amounts per individual bank are. If equally parsed out, each bank would be responsible for $2.16 billion, suggesting these would be amongst the largest loans to fossil fuel companies delivered by each of these banks in recent years.
The pipeline is opposed by millions of people, many of the impacted First Nations, and dozens of municipalities, including the cities of Vancouver and Burnaby. Tens of thousands have demonstrated against the Trans Mountain pipeline with over 200 having been arrested.
Project Details:
-
Location
twinning of this existing 1,150-kilometre pipeline between Strathcona County (near Edmonton), Alberta and Burnaby, BC
-
Project Type
Tar Sands Oil Pipeline
-
Size
1150 km. Total cost: $35 Billion and rising
-
Communities
Tsleil Waututh, Musqeaum, Squamish, Secwepemc,
-
Police Spending on Project
RCMP has spent almost $3,535,542 policing Indigenous communities and land defenders who are resisting the TMX pipeline.