38 First Nations & Enbridge Transaction Wins Capital Markets Deal of the Year of the 2026 Canadian Law Awards

Boughton Law is proud to share that the $736 million investment by the partnership of 38 First Nations, Stonlasec8 Indigenous Alliance Limited Partnership in Enbridge’s Westcoast natural gas pipeline system, is the winner of Capital Markets Deal of the Year at the 2026 Canadian Law Awards hosted by Canadian Lawyer magazine.

Boughton Law represented the partnership of 38 First Nations in all aspects of this groundbreaking Indigenous equity investment in critical energy infrastructure. This transaction closed in July 2025, included two bond financings and the first-ever Federal Loan Guarantee by the Government of Canada’s new Indigenous Loan Guarantee Program (which was a $400 million loan guarantee). This transaction was supported by a team that included Philip Barton, Donya Vahidi, Susan Do, Karim Lalani and Claire Gibson.

Between 2015 and 2026, Boughton Law has represented over 70 Indigenous Communities across five landmark Indigenous equity investments which aggregate over $2.5 billion and include:

• In 2017, the largest investment by First Nations in Canada (the $503 million investment in Suncor’s East Tank Farm);
• In 2022, the single largest Indigenous energy transaction in North America (the $1.1 billion investment by 23 Indigenous Communities in seven Enbridge-operated pipelines) which included the largest-ever Alberta loan guarantee ($250 million) by the Alberta Indigenous Opportunities Corporation; and
• In 2023, the investment by five Indigenous Communities in the Access NGL Pipeline System of Wolf Midstream which included a $103 million loan guarantee from the Alberta Indigenous Opportunities Corporation.

These equity investments have been supported by $800 million of Alberta and Federal loan guarantees.

Learn more about our Indigenous Practice Group.