Stonlasec8 Indigenous Alliance Limited Partnership, an Indigenous-owned partnership representing 36 First Nations in B.C, has announced it has entered into an agreement to invest approximately CAN$715 million through a wholly-owned subsidiary to acquire a 12.5% interest in Enbridge Inc.’s Westcoast natural gas pipeline system. The agreement is subject to completion of required financing, closing conditions and customary closing adjustments. The transaction is expected to close at the end of the 2Q25.
Stonlasec8 has also reached an agreement with Canada Indigenous Loan Guarantee Corporation (CILGC), a subsidiary of Canada Development Investment Corporation (CDEV), on a CAN$400 million loan guarantee to support the transaction. On closing, this historic equity investment will be the first major investment to receive a loan guarantee under the Canadian Indigenous Loan Guarantee Program, announced by the Government of Canada last Spring.
“Today is a significant milestone for the First Nations involved in Stonlasec8 and we are incredibly grateful to have the Government of Canada’s strong support to bring this deal to fruition,” said Chief David Jimmie, President and Chair of Stonlasec8 and Chief of Squiala First Nation. “Our Nations can expect to receive sustained economic benefits from an asset that has operated within our traditional territories for over 65 years.”
“The agreement between Stonlasec8, Enbridge and the Government of Canada is truly ground-breaking,” added Justin Napoleon, Director of Stonlasec8 and former Chief of Saulteau First Nation. “The loan guarantee supporting the equity purchase transaction will bring increased economic prosperity to our communities, including funding for critical investments in housing, infrastructure, environmental stewardship, and cultural preservation.”
“Enbridge’s Westcoast natural gas pipeline system is a critical piece of energy infrastructure that has been providing people with the energy they need for more than 65 years,” said Cynthia Hansen, Enbridge’s Executive Vice President and President of Gas Transmission and Midstream. “This transaction provides an opportunity to build on our relationships with Indigenous communities and advance reconciliation.”
“I want to thank everyone who contributed to making this historic and highly complex transaction possible. Today’s announcement also underscores CDEV’s role as a catalyst for transformative initiatives that benefit all Canadians,” said Elizabeth Wademan, President and CEO of CDEV, the parent company of CILGC. “We launched CILGC in record time with a commitment to operate at the speed of business. The CDEV team is proud of the leading role it played on this transaction, and for the partnership created through this deal.”
“This loan guarantee is a testament to our commitment to fostering Indigenous economic reconciliation and ensuring that Indigenous Peoples have a meaningful stake in Canada's economic growth,” said the Honourable François-Philippe Champagne, Minister of Finance. “We are proud to support First Nations in B.C. in this historic endeavour.”
“This landmark agreement is a powerful example of how our new federal government is getting things done in Canada,” said the Honourable Tim Hodgson, Minister of Energy and Natural Resources. “I am proud to support Indigenous leadership and industry coming together to drive long-term economic prosperity and reconciliation for all Canadians.”
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