Enbridge sells stake in Westcoast pipeline to First Nations group
Enbridge Inc. has signed a deal to sell a minority stake in its Westcoast natural gas pipeline system to a group of 36 First Nations in B.C.
Under the agreement, the Stonlasec8 Indigenous Alliance Limited Partnership will invest $715 million for a 12.5 per cent stake in the system.
The Westcoast natural gas pipeline system extends more than 2,900 kilometres from Fort Nelson in northeast B.C. and from Gordondale near the B.C.- Alberta border, south to the Canada -U.S. border.
Chief David Jimmie, president and chair of Stonlasec8 and chief of Squiala First Nation, called the deal a significant milestone.
"Enbridge's Westcoast pipeline system is a legacy asset that has operated within our traditional territories for over 65 years," Jimmie said in statement.
"Now, our Nations will receive sustained economic benefits from this asset, funding critical investments in housing, infrastructure, environmental stewardship, and cultural preservation. People often ask what economic reconciliation for Indigenous Peoples looks like. This is it."
Enbridge chief executive Greg Ebel said the agreement is one of several such deals the company has undertaken in the last several years as it explores additional opportunities for Indigenous partnerships.
"Enbridge's commitment to advance Indigenous ownership opportunities related to our existing and growing energy assets underlines our efforts to be the first choice partner for the communities we serve," Ebel said in a statement.
The First Nations partnership has reached an agreement with Canada Indigenous Loan Guarantee Corp., a subsidiary of Canada Development Investment Corp., to secure a $400-million loan guarantee to enable the deal.
The transaction is expected to close by the end of the second quarter of 2025, subject to financing and other conditions.
Last year, Enbridge Inc. and Six Nations Energy Development LP announced plans to develop a massive wind energy project in southeast Saskatchewan.
The Seven Stars Energy Project, located near Weyburn, is slated to produce 200 megawatts of clean electricity, enough to fuel more than 100,000 homes for a year.
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