TC Energy signs equity option agreements with Indigenous communities across the Coastal GasLink project corridor
March 09 2022 - 7:30AM
News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or
the Company) announced signing of option agreements to sell a 10
per cent equity interest in the Coastal GasLink Pipeline Limited
Partnership to Indigenous communities across the project corridor.
The opportunity to become business partners through equity
ownership was made available to all 20 Nations holding existing
agreements with Coastal GasLink. The Nations have established two
entities that together currently represent 16 communities who have
confirmed their support for the option agreements: CGL First
Nations Limited Partnership and the FN CGL Pipeline Limited
Partnership. The formal establishment of these agreements comes
from interest expressed by Indigenous groups across the project
corridor to become owners in Coastal GasLink alongside Alberta
Investment Management Corporation, KKR, and TC Energy.
The equity option recognizes the important
relationship that TC Energy and Coastal GasLink have with the
Indigenous groups along the approved pipeline route and the desire
to be true partners. The equity option is in addition to 20
agreements Coastal GasLink has with Indigenous groups along the
route which provide opportunities for contracting and employment as
well as other long-term benefits. The equity option is exercisable
after commercial in-service of the pipeline, subject to customary
regulatory approvals and consents, including the consent of LNG
Canada.
Quotes
“The finalization of the option agreement
represents a historic milestone in our desire to
participate as equity owners in Coastal GasLink. For
many of us, this marks the first time that our Nations have been
included as owners in a major natural resource project that is
crossing our territories. This deal is important because
it demonstrates the value First Nations can bring as true
partners in major projects.”
- Chief Corrina Leween,
Cheslatta Carrier Nation which is a member of the CGL First Nations
Limited Partnership Management Committee
“For years we have watched industry and governments generate
revenues from the operations of their projects, while we live with
the impacts. This investment in Coastal GasLink will finally
start to shift the landscape, aligning industry and Indigenous
peoples’ interests over the entire life cycle of a
project.”
- Chief Justin Napoleon, Saulteau First
Nations which is a member of the FN CGL Pipeline Limited
Partnership
“We are proud to advance our relationships with
the Indigenous communities across the route through equity
ownership in Coastal GasLink. Together, as business partners, we
have the opportunity to learn, grow and change the way energy is
developed in Canada. This is one of the ways we can advance
reconciliation.”
- François Poirier, TC Energy
President and Chief Executive Officer
“We recognize that enduring relationships need
to include long-term economic opportunities that support the
resiliency of Indigenous communities. We continue to learn a great
deal from these relationships and value the opportunity to become
true partners with Indigenous communities throughout the lifecycle
of this Project.”
- Bevin Wirzba, Coastal
GasLink President
About Coastal GasLink
Coastal GasLink is constructing a 48-inch-diametre, 670-kilometres
(416 miles) pipeline to safely transport natural gas from the
Groundbirch area west of Dawson Creek, B.C., to the liquefied
natural gas export facility being constructed by LNG Canada and its
joint-venture partners near Kitimat, B.C. Before construction
began, the approved Coastal GasLink route was determined by
considering Indigenous, landowner and stakeholder input, the
environment, archaeological and cultural values, land use
compatibility, safety, constructability and economics. Coastal
GasLink will meet strict environmental and safety standards, while
helping to meet the growing demand for cleaner energy. Over the
course of the project, Coastal GasLink will create over 4,500
short-term jobs, which will bring millions in economic benefits to
local communities. With a commitment to hire local and Indigenous
first, Coastal GasLink is delivering jobs and contracting
opportunities that benefit northern B.C., the province and the
Canadian economy. TC Energy will operate the pipeline once
in-service. Coastal GasLink will have an initial capacity of 2.1
billion cubic feet per day (bcf/d) and represents the first direct
path to connect abundant Western Canadian Sedimentary Basin supply
to global markets. To learn more, visit CoastalGasLink.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 liquids pipelines, along with power
generation and storage facilities, wherever life happens — we’re
there. Guided by our core values of safety, innovation,
responsibility, collaboration and integrity, our 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 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.
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Media Inquiries:Jaimie Harding / Natasha
Westovermedia@tcenergy.com 403-920-7859 or 800-608-7859
Investor & Analyst Inquiries:David Moneta /
Gavin Wylie / Hunter Mauinvestor_relations@tcenergy.com403-920-7911
or 800-361-6522
A photo accompanying this announcement is available at
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