Indigenous groups in Alberta are making history with Canada’s largest equity ownership agreement.
Seventy-two Indigenous and First Nations communities across Alberta, British Columbia, and Saskatchewan are acquiring a $1 billion stake in TC Energy’s Nova Gas transmission system and Foothills pipeline. The consortium is purchasing a 5.34 per cent stake in TC Energy’s assets, backed by the Alberta Indigenous Opportunities Corporation (AIOC). The total value of the agreement, including the proportionate share of the partnership assets’ collective debt, is $1.65 billion.
François Poirier, TC Energy’s president and CEO, said the agreement was long overdue. “Indigenous ownership is the path to a more prosperous nation,” Poirier said.
“The Alberta Indigenous Opportunities Corporation is leading the world with its innovative approach to supporting Indigenous economic opportunity.”
Alberta Premier Danielle Smith hailed the landmark partnership as a major economic opportunity for the Indigenous consortium. “It’s exciting to see this historic investment partnership come together, thanks to an unprecedented loan guarantee from the AIOC,” Smith said.
“Alberta continues to lead on economic reconciliation with Indigenous peoples.”
The Nova Gas transmission system and Foothills pipeline provide critical infrastructure, connecting approximately 80 per cent of natural gas production from the Western Canadian Sedimentary Basin to both domestic and export markets.