Indigenous Communities and Enbridge Form Landmark Equity Partnership
Enbridge and 23 First Nation and Métis communities – including Fort McMurray 468 First Nation – announced an agreement in September 2022 for the communities to acquire an 11.57 per cent non-operating interest in seven Enbridge pipelines in northern Alberta’s Athabasca region.
Valued at $1.12 billion, a newly-created entity, Athabasca Indigenous Investments (Aii), will steward this investment – representing the largest energy-related Indigenous economic partnership transaction in North America to date. The Alberta Indigenous Opportunities Corporation supported the transaction by providing Aii a $250 million equity loan guarantee.
Astisiy Pipeline Partnership: Suncor and Eight RMWB Indigenous Communities
Suncor has joined with eight Indigenous communities in the Regional Municipality of Wood Buffalo (RMWB) – including Fort McMurray 468 First Nation – to acquire all of TC Energy’s 15 per cent equity interest in the Northern Courier Pipeline Limited Partnership.
Through the Astisiy Limited Partnership, announced in September 2021, Suncor and the Indigenous communities will own a 15 per cent stake in this pipeline asset, with a value of approximately $1.3 billion. The Alberta Indigenous Opportunities Corporation supported the Indigenous communities’ participation with a loan guarantee of up to $40 million.
The partnership will provide long term, stable revenues that will benefit the communities for decades to come.