Tamarack Valley Energy Ltd. (“Tamarack”) (TSX: TVE) and Wapiscanis Waseskwan Nipiy Holding Limited Partnership (“WWN”) have expanded Clearwater Infrastructure Limited Partnership to include Bigstone Cree Nation as the partnership’s 13th Indigenous investor. Bigstone Cree Nation is located in Treaty 8 territory and is comprised of three communities – Calling Lake, Chipewyan Lake and Wabasca.
As part of this expansion, Tamarack will transfer $50.8 million worth of midstream assets to the partnership for $43.2 million in cash and will keep a 15% working interest. WWN maintains a 85% non-operated working interest. The expansion was finalized on September 17, 2024.
Led by partner Billie Fortier, MLT Aikins acted as legal counsel for WWN in this transaction. WWN is a partnership of 13 First Nations and Metis settlements in northern Alberta. In late 2023, MLT Aikins acted for 12 First Nations and Metis settlements in the original transaction.
With the new agreements, Tamarack will transfer additional assets to the partnership, bringing the total to $222.8 million. These assets include oil facilities, water management infrastructure, and pipelines. Tamarack will continue to operate these assets and retain full access to its existing capacity.
Alberta Indigenous Opportunities Corporation (“AIOC”) provided support for the transaction through a loan guarantee to WWN. AIOC is a provincial Crown corporation, established under legislation in November 2019, which exists to serve as a catalyst for Indigenous prosperity and independence. With up to $3 billion in loan guarantee capacity, AIOC facilitates Indigenous investment and involvement in Alberta’s natural resources, agriculture, transportation and telecommunications sectors.
MLT Aikins has more than 300 dedicated lawyers in Western Canada and possesses a deep understanding of the needs of Indigenous communities and the Canadian energy sector. The firm also has significant experience with supporting Indigenous communities in AIOC-supported deals.
For more information or advice related to structuring or participating in future AIOC-supported deals, please contact a member of our Indigenous Practice Group.