CALGARY — TC Energy Corp. announced Monday that it has completed an agreement that will give five First Nations an economic interest in the Coastal GasLink pipeline.The deal with FN CGL Pipeline Limited Partnership — an indigenous-led investment entity — was developed in collaboration with the Haisla Nation, Halfway River First Nation, McLeod Lake Indian Band, Saulteau First Nations, and West Moberly First Nations.“This agreement turns years of partnership into long-term economic opportunity and shared prosperity,” François Poirier, president and CEO of TC Energy, said.“For decades, we have worked alongside Indigenous communities to advance economic opportunities through employment, contracting, training and community investment.”.The deal sees the indigenous groups obtain an economic interest in the entity that holds TC Energy’s limited partner interest in CGL.These communities — located along the Coastal GasLink corridor — are now expected to benefit from the long-term financial returns associated with TC Energy’s limited partner interest.The deal is the first of two planned First Nations investment transactions related to Coastal GasLink.According to TC Energy, a second transaction is expected to close in the fourth quarter of this year.“Our participation in this transaction reflects years of work to build a stronger role for indigenous nations in Canada’s energy future,” Chief Roland Willson of West Moberly First Nations said.“This investment framework recognizes the importance of partnership, financial certainty and shared prosperity, while supporting our communities’ ability to make decisions about our own economic future.”TC Energy recently announced it plans to double the existing capacity of the 670-kilometre pipeline, which terminates at LNG Canada in Kitimat, BC.
