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First Nations Secure $715M Stake in Enbridge Westcoast Pipeline

The landmark deal marks the first major investment backed by Canada’s Indigenous Loan Guarantee Program, advancing economic reconciliation.

Enbridge Inc. has signed a deal to sell a minority stake in its Westcoast natural gas pipeline system to a group of 36 First Nations in B.C.
Image
The Enbridge logo on the company's office building in downtown Edmonton. The Calgary-based company has signed a deal to sell a minority stake in its Westcoast natural gas pipeline system to a consortium of 36 B.C. First Nations.
Chief David Jimmie, CEO of the Squiala First Nation and the chair of the Western Indigenous Pipeline Group, poses for a photo outside of the longhouse in Squiala First Nation (Chilliwack), British Columbia, on November 20, 2023. (Jennifer Gauthier/The Globe and Mail)

Overview

  • Stonlasec8, a partnership of 36 First Nations in British Columbia, is acquiring a 12.5% stake in Enbridge's Westcoast natural gas pipeline for CAD 715 million.
  • The transaction is supported by a CAD 400 million loan guarantee from the Canada Indigenous Loan Guarantee Corporation, enabling the deal's financing.
  • This is the first major equity investment facilitated under the federal Indigenous Loan Guarantee Program, a key step in fostering Indigenous economic participation.
  • The Westcoast pipeline, a 2,900-kilometre system operating for over 65 years, connects northeastern B.C. gas fields to the Canada–U.S. border.
  • The deal is celebrated as a milestone in economic reconciliation, promising sustained community benefits in housing, infrastructure, cultural preservation, and environmental stewardship.