Thirty-six First Nations including a pair in the Prince George-area are purchasing a minority share in a natural gas pipeline owned and operated by Enbridge.
The group includes the Lheidli T’enneh and McLeod Lake Indian Band.
According to a release from earlier this month, Enbridge agreed to terms with the Stonlasec8 Indigenous Alliance Limited Partnership to sell a 12.5 per cent stake in its Westcoast natural gas pipeline system for a price tag of $715 million.
The deal is expected to close by the end of the second quarter – it is being facilitated by a $400 million loan guarantee with Canada Indigenous Loan Guarantee Corporation.
“Enbridge’s Westcoast natural gas pipeline system is a critical piece of energy infrastructure that has been providing people with the energy they need for more than 65 years,” said Cynthia Hansen, Enbridge’s Executive Vice President and President of Gas Transmission and Midstream.
“This transaction provides an opportunity to build on our existing relationships with Indigenous communities and help advance reconciliation.”
“Today is a significant milestone for Stonlasec8 First Nations and we are incredibly grateful to have the Government of Canada’s leadership and support to bring this deal to fruition,” said Chief David Jimmie, President and Chair of Stonlasec8 and Chief of Squiala First Nation.
“Enbridge’s Westcoast pipeline system is a legacy asset that has operated within our traditional territories for over 65 years. 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.”
The pipeline runs through communities like Prince George, Summit Lake and Quesnel.
For a link to the release, click here.
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