TC Energy and Natural Law Energy sign definitive agreement
Provides opportunity to invest up to $1 billion in Keystone XL
CALGARY, Alberta, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Media Advisory – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) and Natural Law Energy (NLE) today announced they have signed a definitive
agreement which allows NLE to make an equity investment of up to $1 billion in the Keystone XL pipeline project. The first phase of the transaction is expected to close in the third quarter of
2021, with the transaction contingent on NLE securing financing. The agreement also contemplates NLE pursuing an interest in future Liquids projects.
"This agreement is a reflection of the meaningful way NLE is choosing to participate in a long-term partnership on the Keystone XL pipeline,” said Richard Prior, President, Keystone XL Pipeline. “This partnership will facilitate important input and guidance from NLE on the project as we make this the most sustainable and safest pipeline ever developed. It will also enable the realization of long-term, meaningful economic benefits derived from an attractive return of and on NLE’s investment.”
“Natural Law Energy has used the same blueprint our ancestors used when they negotiated the Treaties that governed working together to share the land,” said Travis Meguinis, CEO of Natural Law Energy. “Today, we’re pleased to announce that NLE’s definitive agreement is one of the largest ever with over $1 billion deal for First Nations. We’re a major contributor to economic developments on our traditional lands and will create opportunities for future generations. As an Indigenous led company, we need to ensure sustainability to Mother Earth and share our understanding as stewards of the land by bringing our traditional protocols and values to these projects.”
“This is a historical moment for First Nations and TC Energy. It’s going to benefit many generations to come. Thirty to forty years from now, Nekaneet First Nation members will see the opportunities through this definitive agreement by creating inter-generational wealth for many generations to come,” said Chief Alvin Francis, President of Natural Law Energy and Chief of Nekaneet First Nation.
“This represents our first investment in Canada’s energy infrastructure and we are excited to partner with TC Energy as together, we will ensure that the pipeline is held to the highest levels of environmental and social responsibility,” added Francis.
As the project advances through construction, TC Energy will apply this ownership model to create opportunities for additional Indigenous communities along the Keystone XL corridor both in Canada and the Unites States. This initiative is in addition to the more than $600 million in Indigenous supplier and employment opportunities expected to be created through the project’s construction.