Five B.C. First Nations take stake in Coastal GasLink

Five First Nations along the Coastal GasLink corridor have acquired an economic interest in the pipeline, TC Energy said Tuesday in announcing the closing of the agreement in Calgary.

The Haisla Nation, Halfway River First Nation, McLeod Lake Indian Band, Saulteau First Nations and West Moberly First Nations take part through FN CGL Pipeline Limited Partnership, an Indigenous-led investment entity the Nations created for the deal. The partnership will hold an economic interest in the entity that owns TC Energy’s limited partner interest in Coastal GasLink, according to the company’s release.

The release did not disclose a dollar value or the size of the stake. BNN Bloomberg reported that the Nations invested $65.3 million, and that the group and TC Energy together hold an indirect 35 per cent interest in the pipeline, with KKR and Alberta Investment Management Corp. holding the rest for certain clients.

Chief Harley Chingee of the McLeod Lake Indian Band said the investment was made with the Nations’ own capital. “Our Nations are making this investment with their own capital. No government loan guarantees, no borrowed money,” Chingee said, as reported by BNN Bloomberg.

Chief Roland Willson of West Moberly First Nations said the participation reflects years of work to build a stronger role for Indigenous Nations. “This investment framework recognizes the importance of partnership, financial certainty and shared prosperity,” Willson said in the TC Energy release.

TC Energy president and CEO François Poirier said the agreement turns years of partnership into long-term economic opportunity. The company said the arrangement is meant to give the communities predictable income they can invest in their own priorities.

Energy and Natural Resources Minister Tim Hodgson said in the release that Canada is entering a generational investment supercycle in energy and natural resources, and that Indigenous ownership will be at the heart of it. He said the deal gives First Nations a meaningful ownership stake in, and long-term benefits from, one of Canada’s most important energy infrastructure projects.

The transaction is the first of two Indigenous investment deals tied to the pipeline. TC Energy said the second, involving additional First Nations, is expected to close in the fourth quarter of 2026.

The 670-kilometre pipeline carries 2.1 billion cubic feet of natural gas a day to the LNG Canada export facility in Kitimat, B.C. A planned second phase is expected to nearly double system capacity.

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