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 Inc. has signed a deal to sell a minority stake in its Westcoast natural gas pipeline system to a group of 36 First Nations in B.C.

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).