By Veronica Beltran

10 percent equity for impacted first nations

First Nations impacted by Coastal GasLink project offered equity ownership

Nov 7, 2019 | 1:46 PM

Cheslatta Carrier Nation Territory, BC–TC Energy Corporation, constructing the Coastal GasLink (CGL) Pipeline Project is setting aside 10 percent equity interest for First Nations impacted by the project.

The project will see the construction of a pipeline from Groundbirch to Kitimat.

TC Energy Corporation is selling up to a 75 percent equity interest in the Project, in which they announced they would set aside up to 10 percent of the equity interest for 20 First Nations that have been impacted by the project. The Cheslatta Nation along with 12 other impacted First Nations have established the CGL First Nations Limited Partnership (FNLP), a partnership aimed at enabling impacted First Nations to collectively participate in the transaction.

Financial and debt advisors for FNLP have advised, based on the results of a detailed market sounding that FNLP won’t be able to finance its participation in the Set-Aside or any other aspect without the credit enhancement and other support from TC Energy Corporation.

In a release by the Cheslata Carrier Nation they say they understand that TC Energy Corporation has expressed a willingness to modify the set aside to ensure that those First Nations affected are able to participate in the offer. Cheslatta, Nadleh Whut’en, Lheildi T’enneh and Saik’uz First Nations say they are looking forward to working with TC Energy Corp.

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