Two local First Nations are gaining partial ownership of a major transmission line from Edmonton to Fort McMurray.
Canadian Utilities Limited announced on Monday the Athabasca Chipewyan First Nation and the Mikisew Cree First Nation are two of seven Indigenous groups purchasing 40 per cent of interest in the Fort McMurray West 500-kV Transmission Project.
Also a part of the deal are the Bigstone Cree Nation, Gunn Mtis Local 55, Paul First Nation, Sawridge First Nation, and Sucker Creek First Nation.
The company, along with Quanta Services Inc, stated back in June they entered into agreements to sell 100 per cent of the project for $300 million and the assumption of $1.4 billion of
debt.
They also agreed to offer Indigenous groups along the line’s path a chance to purchase some of its equity.
“We are pleased to provide Indigenous communities with the opportunity to make a long-term investment in critical energy infrastructure that will provide them a stable source of income for years to come,” said Siegfried Kiefer, President & CEO of Canadian Utilities, in a release.
The 508 km line finished construction in March and has been providing electricity, greater reliability, and an enhanced system to meet growing demands in northern Alberta.
