TC Energy Corporation has signed an agreement with Natural Law Energy allowing NLE to make an equity investment of up to $1 billion in the Keystone XL Pipeline project.

NLE is an alliance of Indigenous Nations in Treaties 4, 6, and 7 territories, stretching from Alberta to Manitoba, encompassing much of Southern Saskatchewan. The first phase of the transaction is expected to close in the third quarter of 2021. It’s contingent on NLE securing financing. The agreement also contemplates NLE pursuing an interest in future Liquids projects.

TC Energy says that, as the project advances, the company will apply the ownership model to create opportunities for additional Indigenous communities along the Keystone XL corridor in both Canada and the United States. The initiative is in addition to the more than $600 million in Indigenous supplier and employment opportunities excepted to be created through the project’s construction.

(CJWW)