Premier Danielle Smith held a news conference in Calgary today to announce a landmark $1-billion partnership agreement between TC Energy Corp. and Indigenous communities, facilitated by the Alberta Indigenous Opportunities Corporation (AIOC). The historic deal enables up to 72 Indigenous communities to purchase a minority stake in TC Energy’s Nova Gas Transmission Ltd. (NGTL) system and Foothills pipeline assets.
The announcement marks a significant step towards economic reconciliation, providing Indigenous communities with a tangible stake in Alberta’s energy sector. Premier Smith was joined by Indigenous Relations Minister Rick Wilson, Energy Minister Brian Jean, Roy Fox, Makiinima, Chief of the Kainai-Blood Tribe, Lee Thom, councillor for the Kikino Metis Settlement, Chana Martineau, CEO of the AIOC, and François Poirier, President and CEO of TC Energy.
During the news conference, Premier Smith emphasized the importance of including Indigenous peoples in Alberta’s economy as owners, workers, and partners. She noted that for too long, Indigenous communities have been excluded from participating in the province’s resource economy, often due to barriers imposed by politicians and advocacy groups claiming to represent their best interests.
“Addressing these injustices is essential to reconciliation,” Smith stated. “But any solutions must be built on more than just words and wishes; they must include Indigenous peoples in the economy and at the ownership table.”
The AIOC, established to provide loan guarantees for Indigenous communities to purchase equity in high-value projects, has been instrumental in making this partnership possible. In its first four years, the AIOC has provided over $680 million in loan guarantees to 42 Indigenous communities. Recently, the Alberta government tripled the AIOC’s loan guarantee capacity to $3 billion, enabling more communities to pursue similar opportunities.
The $1-billion deal with TC Energy represents the single largest Indigenous equity transaction in Canadian history. Indigenous communities from Alberta, Saskatchewan, and British Columbia will have the opportunity to purchase an equity stake in the NGTL system and Foothills pipeline assets. These assets form the backbone of Alberta’s natural gas industry, moving 75% of the province’s natural gas through a 25,000-kilometer network of pipelines.
“This partnership will create significant new revenue streams for every single community that signs on,” Smith explained. “An unprecedented number of Indigenous communities have already expressed interest in being part of this partnership.”
Owning a part of these premier energy assets will provide financial returns that Indigenous communities can use to improve the quality of life for their members. The partnership also marks a shift towards greater Indigenous participation in critical infrastructure, ensuring they benefit from the prosperity generated by Alberta’s natural resources.
As the deal progresses in the coming weeks, it will undoubtedly serve as a model for similar initiatives across Canada, demonstrating the potential for collaboration and shared success between the energy industry and Indigenous peoples.