Fraser Valley/Calgary (with files from CNW/Enbridge) – Enbridge Inc. announced an agreement whereby the Stonlasec8 Indigenous Alliance Limited Partnership (the “First Nations Partnership”), which currently represents 36 First Nations in B.C., will make an investment of approximately CAD$715 million in Enbridge’s Westcoast natural gas pipeline system, resulting in the First Nations Partnership owning a 12.5% interest in that system, subject to certain closing conditions as well as customary closing adjustments.
The First Nations Partnership has reached an agreement with Canada Indigenous Loan Guarantee Corporation (CILGC), a subsidiary of Canada Development Investment Corporation (CDEV), to secure a CAD$400 million loan guarantee to enable the transaction. Loan guarantees play an important role in advancing Indigenous involvement in essential energy infrastructure throughout Canada.
From David Jimmie CEO at Squiala First Nation on Linked In: after two years of dedicated work, I’m honored to share a major milestone: the Stonlasec8 Indigenous Alliance Limited Partnership, representing 36 First Nations across B.C., has entered into an agreement to acquire a 12.5% equity interest in Enbridge’s Westcoast natural gas pipeline system-a landmark transaction valued at approximately $715 million. This achievement represents more than just a deal—it’s a powerful step forward for our Nations, who have lived with and been impacted by this infrastructure on our territories for decades. This journey has truly been a team effort. I want to sincerely thank each of the 36 Nations who came together to make this possible, and the incredible team of advisors, partners, and supporters who walked with us every step of the way.
Link to media release: https://lnkd.in/gPWA7hbs
