TC Energy has signed an agreement with 16 First Nations along their Coastal GasLink pipeline route, giving them a stake in the project.
Those Nations will split a 10 percent equity interest in the project, becoming project owners alongside TC, KKR, and the Alberta Investment Management Corporation.
An opportunity to become partners in the project was extended to all 20 Nations with existing agreements with CGL.
Those agreements, which provide contracting and employment opportunities, among other benefits, will remain in place.
Saulteau First Nation Chief Justin Napolean says the investment will finally start to shift the industry landscape, aligning it with Indigenous interests over the life of the project.
He says that, for years, Indigenous People have watched others generate revenue from their land, while they live with the impacts.
Last week, the Wet’suwet’en Hereditary Chiefs, who have not signed an agreement, issued demands to RBC to pull funding for the project.
They gave them until March 11th to agree to pull all funding, and to not fund the project again in the future.
For the Nations that have signed on to the agreement, the equity option will become available after commercial in-service of the pipeline, pending regulatory approval and consent.
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