Northern Lakeland Indigenous Alliance and Wolf Midstream Announce Equity Partnership, Access NGL
CALGARY, AB, July 27, 2023 /CNW/ - Wolf Midstream Canada LP (Wolf Midstream or Wolf) and Northern Lakeland Indigenous Alliance (NLIA) are pleased to announce that they have closed upon a subscription agreement whereby a group of five Alberta-based First Nations and Métis Settlements have acquired an approximately 43% interest in the Access NGL Pipeline System (Access NGL) from Wolf.
Wolf is pleased to participate in this partnership opportunity which strengthens its existing business relationships with Indigenous communities surrounding its infrastructure.
This partnership aligns with Wolf company values and principles and demonstrates its commitment to sustainable development, which includes investing in the communities in which it operates.
"This is a proud moment for Wolf," said Bob Lock, President and Chief Executive Officer of Wolf. "This partnership is a significant step as we evolve our existing relationships with Indigenous communities, helping create a foundation of long-term shared prosperity, stable and predictable cash flow and equity ownership for Indigenous communities in this important piece of energy infrastructure."
The five communities participating in NLIA are Buffalo Lake Métis Settlement, Heart Lake First Nation #469, Kikino Métis Settlement, Saddle Lake Cree Nation #125 and Whitefish Lake First Nation #128.
"Indigenous equity ownership in major infrastructure projects is a signal from industry and government of their commitment to economic reconciliation for Indigenous Peoples. For First Nations and Métis Settlements involved in these types of partnerships it means improved quality of life and long-term economic stability and prosperity," said Tony Bagga, President and Director of NLIA.
The Access NGL Pipeline System is part of Wolf's previously announced NGL North system and transports natural gas liquids (NGL) from Wolf's recovery facility located near Mariana Lake, Alberta, to Wolf's feedstock separation facility located in Sturgeon County, Alberta. Access NGL is supported by a long-term contract with Wolf NGL Inc., a subsidiary of Wolf. The NGL North system was completed in July 2023 and included over $80 million in Indigenous procurement.
Closing of the transaction occurred earlier this month. The Alberta Indigenous Opportunities Corporation supported the transaction by providing a $103 million loan guarantee to NLIA.
BMO Capital Markets acted as financial advisor to Wolf and Norton Rose Fulbright acted as legal counsel.
Based in Alberta, Wolf is a private company, backed by Canada Pension Plan Investment Board (CPP Investments). Wolf was formed in 2016 to focus on the acquisition and construction of innovative and sustainable midstream energy infrastructure assets in Western Canada. Access NGL is an NGL transportation system that transports the recovered NGL from Wolf Recovery Facility I near Mariana Lake, Alberta to the Wolf Feedstock Separation complex in Sturgeon County, Alberta.
SOURCE Wolf Midstream Canada LP
For further media inquiries, please contact: Wolf Media Relations, 587.747.4005, [email protected]
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