TC Energy Corporation and Natural Law Energy announced they have signed a definitive agreement which allows NLE to make an equity investment of up to USD 1 billion in the Keystone XL pipeline project. The first phase of the transaction is expected to close in the third quarter of 2021, with the transaction contingent on NLE securing financing. The agreement also contemplates NLE pursuing an interest in future Liquids projects.
As the project advances through construction, TC Energy will apply this ownership model to create opportunities for additional Indigenous communities along the Keystone XL corridor both in Canada and the Unites States. This initiative is in addition to the more than $600 million in Indigenous supplier and employment opportunities expected to be created through the project’s construction.
Keystone XL is playing a central role in promoting North American energy infrastructure, creating thousands of jobs and providing economic benefits to many of our local communities. The project has announced several significant developments in recent months, including commencing construction contracting with the Government of Alberta as an equity partner, signing a Project Labor Agreement with four major American unions and creating a USD 10 million Green Jobs Training Fund to train North America union labor for future renewable energy construction projects.
Keystone XL highlights
Established Indigenous communities as long-term partners
Creating approximately 13,000 high-paying union jobs in the U.S. and Canada
Supporting over 60,000 jobs across North America
Advances North American energy security