Enbridge sells minority stake in seven pipelines to Indigenous communities – SooToday.com
CALGARY — Enbridge Inc. has signed a deal to sell a minority stake in seven pipelines in the Athabasca region of northern Alberta to a group of 23 First Nation and Métis communities for $1.12 billion.
The deal is the largest energy-related Indigenous economic partnership transaction in North America to date, according to Enbridge.
Athabasca Indigenous Investments (Aii), a limited partnership of 23 Treaty 6 and Treaty 8 First Nations and Métis communities, will manage the investment which includes an 11.57 per cent non-operating interest in the pipelines.
Aii said the deal is expected to bring in more than $10 million annually to the communities represented in the partnership.
The Alberta Indigenous Opportunities Corp., a provincial Crown corporation, said it provided a loan guarantee that enabled the communities to borrow the $250 million for their equity stake in the assets instead of contributing their own capital.
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