The M&E Dispatch // 072

Hello Everyone,

It’s not every day a 2,900-kilometre gas pipeline gets a new co-owner, let alone 36 of them.

But this week, that’s exactly what happened.

Enbridge announced the sale of a 12.5% stake in its Westcoast natural gas pipeline system to the Stonlasec8 Indigenous Alliance, a limited partnership representing 36 First Nations in British Columbia. The deal is valued at $715 million, supported by a $400 million federal loan guarantee, and it's the first major win under Canada’s Indigenous Loan Guarantee Program.

The move signals a shift in how we build, own, and share the benefits of infrastructure projects in this country.

Why This Matters

This isn’t just a milestone for the pipeline industry, it’s a signal to capital markets, governments, and the entire resource sector:

Indigenous equity is now a serious asset class.

This deal brings with it:

• Revenue sharing at scale

• A model for de-risking Indigenous investment via federal guarantees

• A framework that can be applied to midstream mining infrastructure (think haul roads, rail, processing hubs)

What Comes Next?

If you're in mining or energy, and you're building anything with long-term economic impact, this is the playbook to watch.

Because this deal wasn't funded by vague promises or soft PR, it was backed by real dollars, real guarantees, and real returns.

If the model holds, we’re likely to see:

• More Indigenous-led ownership of critical infrastructure

• New JV models that include communities as long-term partners, not stakeholders in name only

• Better access to capital for projects that do the hard work of earning trust

And here’s the real kicker; these deals don’t just move the needle on reconciliation, they move the project forward.

When ownership aligns with stewardship and geography, things tend to run smoother. It’s good business. It just also happens to be the right thing to do.

// The Dirt

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The Stonlasec8 partnership is planting a flag in the future, one with capital access, clear returns, and long-term upside for everyone involved.

And if you’re building something big, remote, or built to last… you might want to take notes.

I spent the long weekend building an 8’ fence 200m long fence. Turns out I live in an area too rocky for the use of an auger and as a result I utilized a 6’ steel pry bar & post hole digger to in effect beat the heck out of the earth until it conceded a hole.

I can’t close my hands today.

Have a great week all,

- Lee