Anbridge sells stake in First International locations Team in Westcost Pipeline
Anbridge Inc. has signed a deal to sell minority stake in its WestCost Natural Gas Pipeline System.
Under the agreement, Stonlasec8 will invest $ 715 million for a 12.5 percent stake in the indigenous coalition limited partnership system.
The WestCost Natural Gas Pipeline System extends more than 2,900 kilometers from Fort Nelson in the Northeast BC and is near the Canadian -US border in the south to Gordondel to BC -Alberta border.
David Jimmy, the chairman and chairman of Stonalsac 8 and head of Squatta First Nation, called the deal an important milestone.
Jimmy said in a statement, “Nabridge’s WestCost Pipeline System is a heritage property operated in our traditional areas for 65 years.”
“Now, our nations will get constant economic benefits from this property, to fund important investments in housing, infrastructure, environmental leadership and cultural protection. People often ask what economic harmony seems to be for indigenous people.
Greg Abel, Chief Executive Officer of Nerbridge, said that this agreement is one of the many deals that the company has done in the last several years as it investigates additional opportunities for indigenous partnership.
“Our commitment to carry forward the opportunities for indigenous ownership related to our existing and growing energy assets underlined our efforts to be the first choice partner for the communities we serve,” Abel said in a statement.
The First Nations Partnership has reached an agreement with Canada Indigenous Loan Guarantee Corp, a subsidiary of the First Nations Partnership Canada Development Investment Corp, to give a $ 400 million loan guarantee to enable the deal.
The transaction is expected to close by the end of the second quarter of 2025, subject to financing and other situations.
Last year, Anbridge Inc. and Six Nations Energy Development LP announced a plan to develop a large -scale wind power project in South -East Suskechewan.
The Seven Stars Energy Project near Wayburn is slapped to produce 200 MW clean electricity, which is sufficient to fuel more than 100,000 houses for a year.
