From pipelines and power transmission lines, to commercial real estate and nuclear power plants, First Nations across Canada are taking stakes in $45 billion worth of major projects and developing business capacity, with the help of the First Nations Major Projects Coalition (FNMPC).
In its annual report, the FNMPC highlights major milestones in 2024, including a new $5 billion federal loan guarantee program and a new $1 billion B.C. government equity fund aimed at helping First Nations take equity stakes in major projects.
First Nations in Canada historically were shut out of business opportunities and resource development due to debt financing limitations and lack of technical and economic capacity.
The FNMPC was constituted through the First Nations Financial Management Board in 2016 to provide business expertise and facilitate First Nation participation in major projects, like the Coastal GasLink pipeline – one of 19 major projects totally $45 billion in value in which First Nations now have equity or business partnerships.
Eleven of the 19 projects are in B.C., and include transmission lines, copper mine development, geothermal and wind power projects.
Over the past year, the FNMPC added 19 new First Nation members across Canada, including five from B.C., the FNMPC’s annual report notes.
In 2019, the FNMP had 50 members and had facilitated First Nation participation in four projects, the $14 billion Coastal GasLink natural gas pipeline being one of them. First Nations along the natural gas pipeline route signed an agreement with TC Energy Corporation (TSX, NYSE:TRP) in 2022 to take a 10 per cent equity stake in CGL.
The FNMPC now has 157 member nations involved in 19 projects across Canada.
A major milestone for the FNMPC in 2024 was the federal government’s announcement of a new $5 billion indigenous loan guarantee program.
Also in 2024, the B.C. government announced in its budget the BC First Nations Equity Financing Framework, which will have an upper limit of $1 billion.
“This initiative will commit up to $1 billion in financial support for First Nations to make minority and majority equity investments in various sectors,” the FNMPC says in its annual report.
Some of the projects B.C. First Nations are currently involved in include the Simpcw First Nation’s participation in the Yellowhead Mine project northeast of Kamloops, and the BC Hydro North Coast Transmission Line project (Prince George to Terrace), which involves the Lheidli T’enneh, Nadleh Whut’en, Saik’uz, and Stellat’en First Nations.
The FNMPC receives operating funding from the federal and B.C. government agencies and ministries, as well as corporate sponsorships.
The FNMPC received $8 million in 2024 for operations, including $3 million from Natural Resources Canada, $674,000 from B.C.’s Ministry of Energy, Mines and Low Carbon Innovation, and $2 million from corporate sponsorships and events.
