Lheidli T’enneh First Nation and McLeod Lake Indian Band are among the 36 First Nations partnering to buy a minority stake in an Enbridge natural gas pipeline.
A media release sent out by Enbridge on Thursday, May 15 said it had entered into an agreement with the Stonlasec8 Indigenous Alliance Limited Partnership to sell a 12.5 per cent stake in its Westcoast natural gas pipeline system for $715 million.
The transaction, which is expected to close by the end of the second quarter of this year, is being facilitated by a $400 million loan guarantee with Canada Indigenous Loan Guarantee Corporation.
The Westcoast pipeline and its branches transport natural gas from the Alberta-BC border near Dawson Creek as far north as Fort Nelson and as far south as the BC-U.S. border at Sumas.
A spokesperson for Stonlasec8 provided the Citizen with a list of the 36 participating First Nations, including Lheidli T’enneh First Nation near Prince George, McLeod Lake Indian Band near Mackenzie, Lhatko Dene Nation near Quesnel, and ?Esdilagh First Nation also near Quesnel.
In the release, Enbridge executive vice-president Cynthia Hansen said the Westcoast pipeline system has been provided people with energy they need for more than 65 years.
"This transaction provides an opportunity to build on our existing relationships with Indigenous communities and help advance reconciliation,” Hansen said.
Stonlasec8 president and Squiala First Nation Chief David Jimmie said the announcement was a “significant milestone” for his group and thanked the federal government for its support in the deal.
"Enbridge's Westcoast pipeline system is a legacy asset that has operated within our traditional territories for over 65 years,” Jimmie said.
“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."
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