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Enbridge Inc. announced the sale of a minority stake in seven of its Alberta pipelines to almost two dozen Indigenous communities in what’s being described as the largest transaction of its nature to date in North America.
The company said 23 First Nations and Métis communities will pay $1.12 billion for an 11.57 per cent interest in seven Enbridge pipelines in Alberta’s oil-rich Athabasca region.
A new entity dubbed Athabasca Indigenous Investments will oversee the investment, according to the press release.
“On behalf of the Indigenous partners, we are proud to become equity owners in these high-quality assets which contribute to North American energy supply and security,” said Athabasca Indigenous Investments President Justin Bourque in the release.
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