Sep 16, 2021

AIMCo Welcomes Investment by First Nations, Métis Nations and Suncor in Northern Courier Pipeline

Alberta Investment Management Corporation (AIMCo) is pleased to announce that Astisiy Limited Partnership has exercised an option to acquire the remaining 15 per cent equity interest in the Northern Courier Pipeline (NCP) from TC Energy. Astisiy Limited Partnership will be ultimately owned by Athabasca Chipewyan First Nation, Chipewyan Prairie First Nation, Conklin Métis Local #193, Fort Chipewyan Métis Local #125, Fort McKay Métis Nation, McMurray Métis, Fort McMurray #468 First Nation, Willow Lake Métis Nation and Suncor. AIMCo acquired an 85 per cent equity interest in Northern Courier Pipeline, on behalf of certain of its clients, from TC Energy in May 2019. The 90-kilometre pipeline is vital to Suncor-operated Fort Hills Energy Limited Partnership (FHELP) and its operations, providing end-to-end transportation of bitumen, diesel and diluent between FHELP’s Fort Hills mine site and its terminal located north of Fort McMurray, Alberta.

“Indigenous economic participation and ownership represents a significant step forward in ensuring the long-term viability of Alberta’s energy industry. AIMCo is pleased to welcome the investment by the First Nations, Métis Nations and Suncor in the Northern Courier Pipeline, an important holding in our clients’ infrastructure portfolios,” said Ben Hawkins, Senior Vice President, Infrastructure & Renewable Resources at AIMCo.

“Suncor has a long history of collaboration with Indigenous stakeholders and is a well-established and highly-experienced pipeline operator. We look forward to working with our new partners in Norther Courier Pipeline and are confident that Suncor will oversee a smooth and safe transition of operatorship from TC Energy.”

The transaction is anticipated to close in the fourth quarter of 2021, subject to customary closing conditions and the receipt of required regulatory approvals.