Canada Development Investment Corporation (CDEV), through its subsidiary, Canada Indigenous Loan Guarantee Corporation (CILGC), is pleased to confirm the issuance of its first loan guarantee covering $400 million of a $736-million investment by 38 First Nations in British Columbia for a 12.5% stake in Enbridge’s Westcoast pipeline system.
This issuance follows the successful completion on July 2nd, 2025, of the required financing and closing conditions of the landmark transaction between Enbridge and Stonelasec8 Indigenous Alliance Limited Partnership, the partnership owned by the 38 First Nations involved in the transaction. The bonds guaranteed by CILGC were given a credit rating of AAA by Morningstar DBRS based on CILGC’s status as an agent of the federal Crown.
This historic milestone marks a significant step in advancing Indigenous participation in major projects across Canada. CDEV and CILGC want to thank all the parties involved, especially the representatives of Enbridge and Stonelasec8, whose determination and resilience made this transaction possible.
“The official issuance of the first federal loan guarantee under the Indigenous Loan Guarantee Program is a major milestone for both CILGC and the First Nations involved. It is one tangible way to realize co-creation of shared value for all Canadians, including Indigenous Peoples,” said Elizabeth Wademan, President and CEO of CDEV, the parent company of CILGC. “CDEV is proud of the role it played in launching CILGC and delivering concrete results in record time. This first loan guarantee will have a lasting impact not only for the partnership it has created through this deal but for the path forward it sets for future Indigenous equity participation projects.”
For more information about CILGC and the Indigenous Loan Guarantee Program, visit www.cilgc-cgpac.ca.