TC Energy Corp. says it has signed a deal to allow Indigenous group Natural Law Energy to invest up to $1 billion in the Keystone XL pipeline project.
Natural Law Energy represents four First Nations in Alberta and one in Saskatchewan.
The investment is contingent on NLE securing financing and is expected to close in the third quarter of 2021. The agreement also contemplates it pursuing an interest in future projects.
The five First Nations include the Nekaneet First Nation in Saskatchewan and the Ermineskin Cree Nation, Montana First Nation, Louis Bull Tribe and Saddle Lake Cree Nation in Alberta.
TC Energy approved construction of the project to transport up to 830,000 barrels per day of oil from Alberta to Nebraska earlier this year after the Alberta government agreed to invest and guarantee a project loan.
The pipeline expansion project’s future is still in doubt, however, as Democratic president-elect Joe Biden has said he would cancel its vital presidential permit.