In what is being hailed as a major step to "economic reconciliation," Calgary-based TC Energy said Tuesday it will be selling minority stakes in a pair of major natural gas pipelines to First Nations communities in a deal worth $1 billion.Backed by the Alberta Indigenous Opportunities Corporation — which is an agent of the Alberta government — 72 indigenous communities across Alberta, British Columbia and Saskatchewan will have the opportunity to to purchase up to 5.34% of the NOVA Gas transmission system as well as the Foothills pipeline to the US.Including debt, the deal implies an enterprise value of about $1.65 billion, TC said in a news release..NOVA is the inter-Alberta gas gathering system first built in 1954 and ships about 15% of all the gas produced in North America to TC’s mainline and is presently undergoing a $9.1 billion expansion in anticipation of LNG exports off the West Coast starting later this year.Foothills ships Alberta gas to a pair of export points in southern BC and Saskatchewan. Together they comprise about 25,000 kilometres of gas infrastructure spanning three provinces. The company says it will be the largest indigenous equity ownership agreement in Canadian history, and indeed, the world.Under terms of the deal, AIOC will provide a $1 billion equity loan to give individual communities the right to opt in and generate long-term revenue sources and alleviate poverty while righting historical wrongs..“In only four years, the Alberta Indigenous Opportunities Corporation has truly made an impact for Indigenous communities,” said Alberta Premier Danielle Smith.“This newest agreement builds on earlier successes and shows Canada and the world that energy partnerships with First Nations and Métis peoples are both desired and possible. I’m thrilled to celebrate this agreement and look forward to the next steps that will ensure more Indigenous communities are true partners in prosperity.”Smith has previously said she takes personal satisfaction that the federal government has taken Alberta’s lead in considering a similar funding model to sell its share of the Trans Mountain pipeline, among others.She will take part in a special ceremony at TC headquarters in downtown Calgary later this afternoon.As part of the deal, indigenous workers will receive training to eventually take over operation of the system. The deal is expected to close in the third quarter, subject to receipt of Band Council and Settlement Resolutions by participating communities and financing.CIBC Capital Markets acted as financial advisor to TC Energy while TD Securities acted as financial advisor to the indigenous-owned investment partnership.“Indigenous ownership is the path to a more prosperous nation. As owners, indigenous communities will have resources to invest for the future and greater economic sovereignty,” said François Poirier, TC Energy’s president and CEO..This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
In what is being hailed as a major step to "economic reconciliation," Calgary-based TC Energy said Tuesday it will be selling minority stakes in a pair of major natural gas pipelines to First Nations communities in a deal worth $1 billion.Backed by the Alberta Indigenous Opportunities Corporation — which is an agent of the Alberta government — 72 indigenous communities across Alberta, British Columbia and Saskatchewan will have the opportunity to to purchase up to 5.34% of the NOVA Gas transmission system as well as the Foothills pipeline to the US.Including debt, the deal implies an enterprise value of about $1.65 billion, TC said in a news release..NOVA is the inter-Alberta gas gathering system first built in 1954 and ships about 15% of all the gas produced in North America to TC’s mainline and is presently undergoing a $9.1 billion expansion in anticipation of LNG exports off the West Coast starting later this year.Foothills ships Alberta gas to a pair of export points in southern BC and Saskatchewan. Together they comprise about 25,000 kilometres of gas infrastructure spanning three provinces. The company says it will be the largest indigenous equity ownership agreement in Canadian history, and indeed, the world.Under terms of the deal, AIOC will provide a $1 billion equity loan to give individual communities the right to opt in and generate long-term revenue sources and alleviate poverty while righting historical wrongs..“In only four years, the Alberta Indigenous Opportunities Corporation has truly made an impact for Indigenous communities,” said Alberta Premier Danielle Smith.“This newest agreement builds on earlier successes and shows Canada and the world that energy partnerships with First Nations and Métis peoples are both desired and possible. I’m thrilled to celebrate this agreement and look forward to the next steps that will ensure more Indigenous communities are true partners in prosperity.”Smith has previously said she takes personal satisfaction that the federal government has taken Alberta’s lead in considering a similar funding model to sell its share of the Trans Mountain pipeline, among others.She will take part in a special ceremony at TC headquarters in downtown Calgary later this afternoon.As part of the deal, indigenous workers will receive training to eventually take over operation of the system. The deal is expected to close in the third quarter, subject to receipt of Band Council and Settlement Resolutions by participating communities and financing.CIBC Capital Markets acted as financial advisor to TC Energy while TD Securities acted as financial advisor to the indigenous-owned investment partnership.“Indigenous ownership is the path to a more prosperous nation. As owners, indigenous communities will have resources to invest for the future and greater economic sovereignty,” said François Poirier, TC Energy’s president and CEO..This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
