Enbridge Inc. (ENB) Thursday announced that it has entered into an agreement with the Stonlasec8 Indigenous Alliance Limited Partnership, which represents 36 First Nations in British Columbia, for the acquisition of a 12.5 percent equity interest in its Westcoast natural gas pipeline system.
The investment is valued at approximately CAD$715 million and is contingent on customary closing adjustments and conditions.
To facilitate the transaction, the First Nations Partnership secured a CAD$400 million loan guarantee from the Canada Indigenous Loan Guarantee Corporation - CILGC, a subsidiary of Canada Development Investment Corporation - CDEV. The guarantee is part of the federal government's strategy to promote Indigenous participation in critical national infrastructure.
Enbridge's Executive Vice President, Cynthia Hansen, highlighted the historical significance of the Westcoast pipeline, which has operated for over 65 years, and emphasized the opportunity to strengthen ties with Indigenous communities while advancing reconciliation.
Chief David Jimmie, Chair of Stonlasec8 and Chief of Squiala First Nation, stated that this agreement represents tangible economic reconciliation, providing long-term benefits such as improved housing, infrastructure, environmental stewardship, and cultural preservation for participating Nations.
Enbridge President and CEO Greg Ebel reaffirmed the company's dedication to Indigenous partnerships, calling this transaction part of a broader Indigenous Reconciliation Action Plan. The company continues to explore further opportunities for Indigenous ownership across its infrastructure network.
CDEV President and CEO Elizabeth Wademan praised the collaboration and noted CDEV's instrumental role in expediting the transaction. Minister of Finance François-Philippe Champagne described the loan guarantee as a concrete step toward Indigenous economic inclusion. Minister of Energy and Natural Resources Tim Hodgson echoed this sentiment, emphasizing the alignment of Indigenous leadership and resource development for national benefit.
The deal is expected to close by the end of Q2 2025, pending financing and fulfillment of all prerequisites.
The Westcoast pipeline system, owned by Enbridge subsidiary Westcoast Energy Inc., spans over 2,900 km and transports up to 3.6 billion cubic feet of natural gas daily. It serves B.C., Alberta, and the U.S. Pacific Northwest, supplying essential, affordable energy across these regions.
Thursday, ENB closed at $44.92, up 1.64%, and is currently trading at $44.95 in after-hours trading, marking a modest increase of 0.07% on the NYSE.
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