Indigenous investors hope to acquire equity in Canadian pipelines expected to be sold by TC Energy
On Wednesday, TC Energy chief executive François Poirier outlined plans to sell several projects by the end of 2023 to help fund the Calgary-based company’s expansion, which is projected to cost $34-billion. Along with raising cash, he said streamlining one of North America’s largest pipeline operators would drive “simplicity of corporate structure and the impact on our ability to achieve our sustainability goals.
TC Energy spent $1.1-billion building the two pipelines and expects to raise significantly more from their sale. Its partner on Grand Rapids is PetroChina Canada Ltd., an arm of state-owned China National Petroleum Corp. Willow Lake Métis Nation chief executive officer Justin Bourque said in an interview he has already reached out to TC Energy to offer help in approaching communities. “I’m very interested in what the strategy looks like and how they’re trying to roll that out,” Mr. Bourque said. “I think they are in position to have substantial impact for multiple stakeholders if that’s part of their strategy, and it should be part of their strategy.
“We hope Indigenous equity is contemplated and that TC Energy is prepared to take a co-development approach on the structure of those deals with the Indigenous peoples that are impacted by the project,” said Niilo Edwards, executive director of the First Nations Major Projects Coalition , a federally-funded group that supports First Nations pursuing equity stakes in major projects.
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