TC Energy and Natural Law Energy sign definitive agreement
November 17 2020 - 8:00AM
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.
“Natural Law Energy believes in proactively advancing new
economic growth and opportunities for the next seven generations by
creating valuable relationships with industry and
government. We are committed to value projects such as
Keystone XL to ensure we are achieving multi-generational social
and financial well-being of the Nations partnered with NLE,” said
Brian Mountain, Executive Director of Natural Law Energy. “Our
current relationship with TC Energy is a great example of what
reconciliation looks like between our Indigenous communities and
industry.”
Keystone XL is playing a central role in promoting North
American energy infrastructure, creating thousands of jobs and
providing economic benefits to many of our local communities. The
project has announced several significant developments in recent
months, including commencing construction contracting with the
Government of Alberta as an equity partner, signing a Project Labor
Agreement with four major American unions and creating a US$10
million Green Jobs Training Fund to train North America union labor
for future renewable energy construction projects.
Keystone XL highlights
- Established Indigenous communities as long-term partners
- Creating approximately 13,000 high-paying union jobs in the
U.S. and Canada
- Supporting over 60,000 jobs across North America
- Advances North American energy security
For additional information on the project, visit
KeystoneXL.com
About TC EnergyWe are a vital part of everyday
life – delivering the energy millions of people rely on to power
their lives in a sustainable way. Thanks to a safe, reliable
network of natural gas and crude oil pipelines, along with power
generation and storage facilities, wherever life happens – we’re
there. Guided by our core values of safety, responsibility,
collaboration and integrity, our more than 7,500 people make a
positive difference in the communities where we operate across
Canada, the U.S. and Mexico.
TC Energy's common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP. To learn more,
visit us at www.TCEnergy.com.
Forward-Looking InformationThis release
contains certain information that is forward-looking and is subject
to important risks and uncertainties (such statements are usually
accompanied by words such as "anticipate", "expect", "believe",
"may", "will", "should", "estimate", "intend" or other similar
words). Forward-looking statements in this document are intended to
provide TC Energy security holders and potential investors with
information regarding TC Energy and its subsidiaries, including
management's assessment of TC Energy's and its subsidiaries' future
plans and financial outlook. All forward-looking statements reflect
TC Energy's beliefs and assumptions based on information available
at the time the statements were made and as such are not guarantees
of future performance. As actual results could vary significantly
from the forward-looking information, you should not put undue
reliance on forward-looking information and should not use
future-oriented information or financial outlooks for anything
other than their intended purpose. We do not update our
forward-looking information due to new information or future
events, unless we are required to by law. For additional
information on the assumptions made, and the risks and
uncertainties which could cause actual results to differ from the
anticipated results, refer to the most recent Quarterly Report to
Shareholders and Annual Report filed under TC Energy's profile on
SEDAR at www.sedar.com and with the U.S. Securities and
Exchange Commission at www.sec.gov.
About Natural Law EnergyNatural Law Energy is a
Treaty alliance of Nations from traditional territories of Treaty
No. 4, Treaty No. 6 and Treaty No. 7. The partner First Nations are
Tribes proactively advancing new economic growth and opportunities
for our people for generations to come. In doing so, NLE follows
our traditional governance to create a path and leave a handprint
that is paramount with our natural laws for generations to
come.
-30-
TC Energy Media
Inquiries:Terry Cunha403.920.7859 or 800.608.7859
TC Energy Investor & Analyst
Inquiries:David Moneta / Hunter
Mau403.920.7911 or 800.361.6522
Natural Law Energy
Media Inquiries:Travis
Meguinisinfo@naturallawenergy.comwww.naturallaw-energy.com
PDF
available: http://ml.globenewswire.com/Resource/Download/f8385c24-abd8-4628-a1ec-a80b0e0788ef
TC Energy (TSX:TRP)
Historical Stock Chart
From Aug 2024 to Sep 2024
TC Energy (TSX:TRP)
Historical Stock Chart
From Sep 2023 to Sep 2024