AUS
NZ
UK
CA
USA
IND
Tamarack Valley Energy Ltd. (TSX:TVE) and Wapiscanis Waseskwan Nipiy Holding Limited Partnership (WWN) have announced a significant expansion of the Clearwater Infrastructure Limited Partnership (CIP). The addition of Bigstone Cree Nation as the 13th member of WWN marks an important milestone in enhancing partnerships between the energy sector and Indigenous communities. The expansion, finalized on September 17, 2024, integrates Bigstone into a collaboration that now includes 12 other First Nations and Métis settlements, collectively known as WWN Shareholders.
In conjunction with Bigstone's entry, Tamarack transferred an additional $50.8 million worth of Clearwater midstream assets into the CIP. In return, Tamarack received cash consideration of $43.2 million (before closing adjustments) while retaining a 15% operated working interest in the partnership. This strategic move not only strengthens Tamarack’s position but also underscores its commitment to long-term relationships with Indigenous communities in the development of its Clearwater assets.
Chief Andy Alook of Bigstone Cree Nation expressed enthusiasm about the partnership, stating, “The Bigstone leadership and our supporting team are excited and proud to be part of this historical partnership with WWN and Tamarack.” He emphasized that this collaboration represents a step forward in fostering economic opportunities and enhancing relationships with the industry. “Our partnership with WWN is an example that ensures the future of Bigstone will be successful in regional development with industry,” he added.
Councillor Delores Desjarlais of East Prairie Métis Settlement echoed these sentiments, noting the positive implications of Bigstone's inclusion in the partnership. “The WWN Board and WWN Shareholders are very pleased and honoured to welcome Bigstone to a newly expanded equity partnership with Tamarack,” she remarked. The unanimous approval for the partnership enhancements allows for increased dividends, reflecting the collaborative efforts among all stakeholders, including AIOC, lenders, and advisors.
Chana Martineau, CEO of Alberta Indigenous Opportunities Corporation (AIOC), highlighted the tangible benefits of the partnership. “From the outset, AIOC and the Government of Alberta have been committed to ensuring our innovative loan guarantee program delivers tangible benefits for all parties involved,” she noted. Martineau praised Tamarack’s leadership in fostering meaningful relationships and creating valuable opportunities with Indigenous partners.
This expansion is not just a financial transaction; it symbolizes a commitment to building a sustainable future for both Tamarack and the Indigenous communities involved, paving the way for a stronger, collaborative approach to regional development in Alberta’s energy sector.
