The pipeline has sparked demonstrations and blockades from environmentalists and some First Nations groups since construction began in 2019
The equity option for Coastal GasLink, which is still under construction, will be exercisable once the pipeline is commercially in service sometime in 2023. The agreements, announced March 9, would allow First Nations groups to become owners in Costal GasLink alongside the Alberta Investment Management Corporation , private equity giant KKR, and TC Energy Corp.
A bid by one of the two entities to acquire an additional 10-per-cent stake in the project in 2019 was attempted, but ultimately fell apart because the group couldn’t come up with enough money. “Raising the level of capital required for that extra 10 per cent within a relatively short time frame — you know, nations just don’t have that financial capacity. So we worked with the federal and provincial governments to try and backstop us… but we just weren’t getting any support there. That was unfortunate.”
“We’ve never had the opportunity before to participate in ownership of a major project that crosses our territory,” Leween said in an interview.
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