Energy
TC to Sell $720 Million Gas Line Stake to Indigenous Groups
- Deal would give 72 communities equity ownership in Foothills
- Transaction gets financial backing from Alberta government
The TC Energy headquarters in Calgary, Alberta, Canada.
Photographer: Gavin Bryan John/BloombergThis article is for subscribers only.
TC Energy Corp. agreed to sell a stake in a Canadian natural gas pipeline system to a group of Indigenous communities in a C$1 billion ($726 million) deal, underscoring the increasingly important role First Nations are playing in the country’s energy industry.
The deal would make as many as 72 Indigenous communities equity owners in the NGTL system and Foothills Pipeline assets in western Canada, TC Energy said Tuesday. The deal is expected to close in the third quarter, subject to financing and the official approval of participating communities. Bloomberg first reported details of the transaction last week.