Canadian pipeline operator Enbridge is selling a stake in its Westcoast natural gas system to a consortium of 36 First Nations, the first deal to include financing from a new federal loan program aimed at helping Indigenous groups own parts of resource projects.

Enbridge (NYSE:ENB) said Thursday that Stonlasec8 Indigenous Alliance, a partnership representing 36 First Nations groups in British Columbia, agreed to acquire a 12.5% stake in the company's Westcoast natural gas pipeline system for C$715M (~US$511M).

Enbridge Inc. plans to sell a stake in a natural gas pipeline system in British Columbia to Indigenous communities in a deal that will be financially backed by the Canadian government.