The pipeline giant did not disclose the size of the stake Tuesday, but it has previously said that it was offering First Nations investors up to a 10 per cent stake in the natural gas pipeline, which supplies LNG Canada in Kitimat, B.C. Five B.C. First Nations along Coastal GasLink’s 670-kilometre corridor join existing owners TC Energy, American asset manager KKR and Alberta Investment Management Corporation—the latter two of which jointly own 65 per cent. (The Logic)

Talking point: This is the first of two planned Indigenous investments in Coastal GasLink, which will double its capacity after LNG Canada’s owners decided last month to go ahead with Phase 2 of that project. It’s also the latest example of Indigenous ownership in a major energy project, with equity stakes increasingly viewed as a means of reducing opposition and risk in projects in Western Canada. “Equity participation changes the tone of relationships from potentially adversarial to one of true partnership and alignment,” wrote TD Cowen analyst Aaron MacNeil in a research note Tuesday. He also noted that government-backed loan guarantees for Indigenous communities could make this “an increasingly likely template” going forward.

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