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TC Power Corp. says a deal to promote a minority stake in its Western Canadian pure fuel transmission community to a consortium of Indigenous communities has been delayed.
The $1-billion settlement, introduced in July, is supposed to allow 72 Indigenous communities to take a 5.34 per cent stake in its Nova Fuel transmission system and Foothills pipeline property — comprising a mixed 25,000-kilometre community of pure fuel infrastructure.
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The Calgary-based pipeline firm says the deal is delayed “as a consequence of an recognized transaction structuring challenge inside the NGTL partnership.”
TC Power says it’s working to make sure the transaction “delivers significant distributions to Indigenous communities whereas upholding the basic worth” of the property concerned.
The deal was backed by the Alberta Indigenous Alternatives Corp. and negotiated by a consortium committee representing Indigenous communities throughout Alberta, British Columbia and Saskatchewan.
Inclusive of debt, the deal has a complete enterprise worth of $1.65 billion, making it Canada’s largest-ever Indigenous fairness possession settlement.
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