TC Energy Corp. has finalized an agreement that grants economic participation to five First Nations in the Coastal GasLink pipeline project.
While specific financial details of the deal were undisclosed at the moment, the FN CGL Pipeline Limited Partnership has ensured an economic stake for the Haisla Nation, Halfway River First Nation, McLeod Lake Indian Band, Saulteau First Nations, and West Moberly First Nations in the entity holding TC Energy’s limited partner interest in Coastal GasLink.
This marks the initial step of two Indigenous investment transactions connected to Coastal GasLink, with TC Energy anticipating the closure of the second transaction in the fourth quarter of this year.
As part of its expansion plans, TC Energy has recently declared intentions to enhance the current capacity of the 670-kilometre Coastal GasLink pipeline. The upgrade involves the installation of new compressor stations and the enhancement of existing facilities to support LNG Canada, following the latter’s decision to proceed with the Phase 2 expansion of its Kitimat, B.C. facility.
The completion of this deal signifies a significant partnership between TC Energy and the Indigenous communities involved in the Coastal GasLink project, paving the way for further collaboration and economic opportunities.
Keyphrase: Indigenous investment Coastal GasLink
