Indigenous-owned Natural Law Energy Inc. has signed a deal allowing it to make an equity investment of up to $1-billion in the Keystone XL pipeline, in a move it also hopes can help persuade opponents to support the project.
The deal with TC Energy Corp. gives Natural Law until September, 2021, to secure financing to buy into the pipeline. It builds on a memorandum of understanding signed two months ago. TC Energy TRP-T +0.09%increase says it will use similar ownership models for additional Indigenous communities along the Keystone XL corridor in Canada and the United States.
Natural Law Energy is an alliance of First Nations from lands that span Alberta and Saskatchewan.
Tuesday’s agreement includes the Nekaneet and Little Pine First Nations in Saskatchewan, and the Ermineskin Cree Nation, Montana First Nation and Louis Bull Tribe in Alberta.
The company’s chief executive, Travis Meguinis, told The Globe and Mail that the billion-dollar deal is one of the largest ever made between an energy company and First Nations.
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