Stonlasec8 Indigenous Alliance Limited Partnership completes C$715 million acquisition of 12.5% in Enbridge’s Westcoast pipeline

On July 2, 2025, Stonlasec8 Indigenous Alliance Limited Partnership (the “Indigenous Partnership”), representing 38 Indigenous communities in British Columbia, completed a C$715 million equity investment to acquire a 12.5% ownership interest in Enbridge’s Westcoast natural gas pipeline system.

The acquisition was supported by two separate bond financings by TD Securities Inc., as a bond placement agent, and a syndicate of institutional investors who provided C$400 million through a secured bond issuance to facilitate the Indigenous Partnership’s investment. This bond financing was backed by a C$400 million loan guarantee under the new Indigenous Loan Guarantee Program, administered by the Canada Indigenous Loan Guarantee Corporation (CILGC), a subsidiary of Canada Development Investment Corporation (CDEV). This historic transaction is the first to be completed under the program.

Fasken advised TD Securities Inc., with a team led by Marc Lefler which included Ella Plotkin, Brian Kelsall, W. Ian Palm, Gabrielle Motuz, Claudia Honetschlaeger and Shazad Omarali.