A historic energy transaction is occurring in Alberta..On Wednesday, Alberta Indigenous Opportunities Corporation (AIOC) struck a landmark deal between 23 indigenous nations and Enbridge with the purchase of an 11.57% working interest in seven major pipelines within the Athabasca oil sands system in northern Alberta..According to the UCP government, this energy partnership between Enbridge and the 23 communities, which have formed a partnership called AIOC makes it the largest indigenous energy partnership in North America to date..According to an AIOC news release, the historic transaction is approximately $1.12 billion and is expected to close within the next month.."Today’s announcement is historic for all parties involved, as today’s newly announced partnership marks the largest energy-related indigenous economic partnership transaction in North America,” CEO of AIOC Chana Martineau said..“I could not be prouder of AIOC’s role in this precedent-setting deal. When we talk about major capital project opportunities for indigenous communities and groups through AIOC, this deal highlights everything AIOC represents significant, multi-generational projects that will drive indigenous economic prosperity for years and years to come.”.Prior AIOC-backed investments include:.$93 million for an equity stake in the Cascade Power Project near Hinton, supporting six participating First Nations.$25 million loan guarantee to Frog Lake First Nation to maintain ownership of their steam-assisted gravity drainage operation.$40 million loan guarantee to the eight indigenous communities that have formed the Astisiy Limited Partnership to purchase the Northern Courier Pipeline System..According to Martineau, AIOC is a provincial Crown corporation bridging the gap between indigenous communities seeking commercial partnerships and was able to back an equity loan of $250 million in addition to the non-recourse financing secured by Athabasca Indigenous Investments (Aii)..Martineau said the corporate entity representing the 23 indigenous and Métis communities involved in the deal is negating the need for the indigenous and Métis communities to contribute any of their own capital..According to AIOC, the seven pipelines — Athabasca pipeline, Wood Buffalo/Athabasca Twin, and associate tanks, Norlite Diluent, Waupisoo, Wood Buffalo, Woodland, and the Woodland extension — are core Enbridge assets that provide more egress out of the oilsands than any competing system and feed integral market hubs in Edmonton, Alberta and Hardisty, AB on the Enbridge Mainline.."For the 23 Treaty 6 and Treaty 8 First Nations and Métis communities forming Aii, these assets will provide a steady, long-term revenue stream, affording these communities opportunities for reinvestment and capabilities to pursue additional profit-generating ventures," AIOC stated..These 23 communities are:.Athabasca Chipewyan First Nation.Beaver Lake Cree Nation.Buffalo Lake Métis Settlement.Chard Métis Nation.Chipewyan Prairie First Nation.Cold Lake First Nations.Conklin Métis Local 193;.Elizabeth Métis Settlement.Fishing Lake Métis Settlement.Fort Chipewyan Métis Local 125.Fort McKay First Nation.Fort McKay Métis Nation.Fort McMurray 468 First Nation.Frog Lake First Nation.Heart Lake First Nation.Kehewin Cree Nation.Kikino Métis Settlement.Mikisew Cree First Nation.McMurray Métis Local 1935.Onion Lake Cree Nation.Saddle Lake Cree Nation.Whitefish Lake First Nation (Goodfish).Willow Lake Métis Nation.“Today is another example of 'reconcili-action,'” Premier Jason Kenney said..“Since we were elected, Alberta’s government has been working relentlessly to ensure indigenous communities are partners in prosperity. Indigenous ownership in resource projects is just one important way to get this done."."The impressive success of AIOC and the more than $400 million they have backstopped demonstrated this can the reality across Alberta and across Canada. Thank you to our partners at Enbridge and AIOC for helping all of us walk the path of reconciliation together," Kenney said..According to Kenney, this is a historic day for Alberta for Canada for reconciliation for indigenous people, and for Alberta's economic future.."Talking about reconciliation, to the real progress of reconciliation. Today we are achieving the dream and the vision that this government set before Albertans in the last provincial election," Kenney said..Chief Gregory Desjarlais from Frog Lake First Nation said "it takes the Government of Alberta to put something together like this as a leader of the province at settlement to pull your people along."."We all struggle with addiction. We have the burden along and this has been a long time coming and we're just looking forward to moving forward," Desjarlais said..Kenney believes "this for sure is one of our proudest moments as we all are looking and it goes back over 100 years, and this is going to stack right up there."."We believe that the model that we've rolled out today is part of the future of energy infrastructure development across the entire system. If we're going to have a future as a province, for our largest industry, we need pipelines built and we will not get pipelines built without the full participation of First Nations and indigenous people," Kenney said.
