The Canada Pension Plan Investment Board (CPPIB) and a Calgary energy company are investing $1.4 billion to buy half ownership of a pipeline in northeastern Alberta.

​The Access Pipeline transports blended bitumen and diluent between the Christina Lake area in northeastern Alberta and Edmonton.

Wolf Midstream Inc. will make the purchase from Devon Energy with $825 million provided by CPPIB, which manages investments for the Canada Pension Plan.

"We are pleased to work with Devon as a long-term partner supporting its high-quality oilsands projects, and look forward to expanding service with third-party shippers," said Gord Salahor, Wolf's CEO, in a release on Thursday morning.

Devon Energy is an independent company based in Oklahoma City and listed on the New York Stock Exchange