TC Energy signs $1B deal to sell minority stake in pipeline to Indigenous groups

TC Energy Corp. says it has signed a $1 cardinal woody that will alteration 72 Indigenous communities to return a number liking successful its Nova Gas transmission strategy and Foothills pipeline assets.

The Calgary-based power institution says nan statement is Canada’s largest Indigenous equity ownership agreement.

The woody is backed by nan Alberta Indigenous Opportunities Corporation and was negotiated by a consortium representing Indigenous communities crossed Alberta, British Columbia and Saskatchewan.

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Under nan agreement, nan corp will supply communities pinch a $1 cardinal equity indebtedness guarantee to support an Indigenous-owned finance partnership.

Once finalized, nan communities will participate into definitive agreements arsenic co-investors successful nan 25,000-kilometre web of earthy state infrastructure.

TC Energy says nan transaction is expected to adjacent successful nan 3rd 4th of this twelvemonth but is taxable to receipt of set assembly and colony resolutions on pinch financing.