Today 11 Member communities of the First Nations Major Projects Coalition (“FNMPC”) sign a historic option agreement to own an equity interest in Coastal GasLink (“CGL”).
FNMPC played a key role in facilitating partnerships between the company, Indigenous nations, and government to support desired outcomes. With the FNMPC’s support 11 First Nations have come together under the CGL First Nations Limited Partnership (“CGL FNLP”) to advance the member Nations collective interests in attaining a viable equity participation opportunity in the project.
Together, CGL FNLP, along with other First Nations impacted by the coast GasLink project, have purchased 10 per cent equity in CGL. The option is expected to be exercised shortly after the commercial in-service date of the Project, subject to customary regulatory approvals and consents, including the consent of LNG Canada.
“The finalization of the Option Agreement represents a historic milestone in our desire to participate as equity owners in the Coastal GasLink. Achieving this milestone would not have been possible without the capacity support provided by the First Nations Major Projects Coalition. For many of us, this marks the first time that our Nations have been included as owners in a major natural resource project that is crossing our territories,” said Chief Corrina Leween of the Cheslatta Carrier Nation, member of the CGLFN GP Inc Management Committee.
“FNMPC is proud to assist our 11 member First Nations in bringing this deal across the line. Our efforts truly represent First Nations helping First Nations succeed in business, and I want to congratulate our members on working together to make this historic achievement a reality,” stated Chief Sharleen Gale, Chair of the FNMPC.
“We are proud to advance our relationships with the Indigenous communities across the route through equity ownership in Coastal GasLink. Together, as business partners, we have the opportunity to learn, grow and change the way energy is developed in Canada. This is one of the ways we can advance reconciliation,” shares Francois Poirier, President and Chief Executive Officer, TC Energy.
FNMPC played a lead role as general advisor to CGLFN GP Inc. National Bank Financial is acting as financial advisor and Gowling WLG is acting as legal advisor in this transaction.