A landmark $715-million deal between Calgary-based Enbridge Inc. and a 36 British Columbia First Nations to acquire a 12.5% equity stake in the Westcoast natural gas pipeline is being hailed as a model for what economic reconciliation with Indigenous Peoples in Canada can — and should — look like.
The transaction, brokered through the Stonlasec8 Indigenous Alliance Limited Partnership, will give the participating groups an “enduring financial interest” in one of the country’s most critical energy assets, namely the Westcoast pipeline system that copnnects gas fields in Northeastern BC with the Lower Mainland and the US Pacific Northwest.
Supported by a $400 million federal loan guarantee via the newly established Canada Indigenous Loan Guarantee Corporation (CILGC), observers said the deal reflects a broader shift in how governments and industry are working — and partnering — with indigenous communities.
Participants on all sides described it as a huge step to rederessing more than a century of economic and social inequity and adressing an enduring legacy of poverty.
“This is what economic reconciliation looks like,” said Chief David Jimmie, Chair of Stonlasec8 and Chief of Squiala First Nation.
“For decades, infrastructure like the Westcoast pipeline has operated through our traditional territories. Today, we step into shared ownership. This transaction enables us to reinvest in our communities — housing, infrastructure, culture, and environmental stewardship. It changes the conversation from ‘what was taken’ to ‘what we’re building together’.”
The 2,900-kilometre system has supplied natural gas to the region for over 65 years. Enbridge Executive Vice President Cynthia Hansen called it a “legacy asset” and praised the agreement as a step toward deeper indigenous participation in Canada’s energy future.
The deal is widely viewed as a potential template for the eventual sale of the $35-billion federally owned Trans Mountain pipeline, which Ottawa has indicated will be sold to the private sector once expansion is completed.
Multiple indigenous groups have already expressed interest in acquiring a stake, and the federal government has made clear that native ownership will be a priority in any future sale.
At the heart of this shift is the Canada Indigenous Loan Guarantee Corporation, launched in December 2024 as a federal tool to bridge a longstanding financial gap.
Modelled after the Alberta Indigenous Opportunities Corporation — which offers up to $3 billion in provincial guarantees — the CILGC is already playing a transformative role in financing native led energy ventures.
In 2025, the federal government doubled its loan guarantee capacity to $10 billion and expanded eligibility to more sectors.
“This loan guarantee is a tangible expression of our government’s commitment to Indigenous economic self-determination,” said Minister of Finance François-Philippe Champagne. “It opens doors to equity ownership that were previously locked.”
Newly sworn Minister of Energy and Natural Resources Tim Hodgson added: “This isn’t just a deal — it’s a blueprint for reconciliation and prosperity that we intend to replicate across Canada.”
Enbridge CEO Greg Ebel noted this is just one in a series of partnerships the company is pursuing with indigenous communities, including a recent joint venture with Six Nations Energy Development LP on a major wind project in Saskatchewan.
“These partnerships allow indigenous communities to shape Canada’s energy future,” said Ebel. “They are central to our reconciliation action plan and core to who we are as a company.”
The deal is expected to close by the end of the first half, subject to conditions.
To be sure, this isn’t a handout or a giveaway of free money, but rather, a bona fide business transaction. Legal and financial advisory support came from TD Securities, Boughton Law, MNP, and McCarthy Tétrault, with RBC Capital Markets advising Enbridge.
For those still asking what “economic reconciliation” means in practice, Chief Jimmie was clear: “This is it.”
