CALGARY, Alberta, June 04, 2019 (GLOBE NEWSWIRE) -- A recently approved limited partnership provides the Piikani Nation the opportunity to make an equity investment in the transmission infrastructure that crosses their land and delivers a valuable new revenue stream for the First Nation.
“It’s great to see that this Piikani Nation option agreement has finally come to fruition,” said Chief Stanley Grier, Piikani Nation. “In order for AltaLink to build the transmission line, they had to consult the Piikani Nation people, and more importantly our traditional knowledge keepers who were entrusted to verify important sacred traditional and burial sites related to Piikani Nation lands.”
An application from AltaLink and the Piikani Nation (through its nominee) for the new limited partnership – PiikaniLink L.P. – to acquire AltaLink’s transmission assets on the Piikani Nation’s land was approved by the Alberta Utilities Commission (AUC) on November 13, 2018. The parties completed the commercial arrangements effective June 1, 2019 through the Piikani’s investment of 51 per cent of the equity portion of the transmission line and associated substation equipment acquired from AltaLink.
During consultation for the Southwest 240 kV project, AltaLink worked closely with the Piikani Nation to reach an agreement that allowed the new transmission line to cross First Nation land.
“This partnership is a win-win for the people of the Piikani First Nation and for all Albertans because we were able to save millions of dollars for Alberta electricity ratepayers by building a lower cost project,” said Scott Thon, President and CEO of AltaLink. “At the same time, the Piikani Nation is provided with the opportunity to invest in the transmission line on their land and create a consistent ongoing revenue source for their people for years to come.”
The investment provides the Piikani Nation an opportunity to earn a regulated rate of return while AltaLink will continue to maintain and operate the transmission line as general partner of the PiikaniLink L.P.
“I’m very proud of the partnership we have created with AltaLink, my acknowledgement to all of those that have helped solidify this relationship,” Councilor Doane Crow Shoe said. “Piikani looks forward to the long term benefits alongside AltaLink. It is my hope that this collaboration will improve how Indigenous communities can be a part of the evolving energy sector.”
About the Piikani Nation
The Piikani Nation is a proud member of the Blackfoot Confederacy (Siksikaitsitapi) which consists of Kainai, Siksika and Amskapi Piikani. The Piikani Nation has retained its culture, heritage and language by incorporating Piikanissini, which is the way of life for the Piikani. Piikani sets out its inherent values and principles of the Akaa Piikani, the ancient Piikani people.
Piikani engages in a variety of development functions within their reserve lands and traditional territory. PiikaniLink L.P. is a component of Piikani’s Energy Strategy that will foster future renewable energy for long term economic sustainability and resource development for the Piikani Nation.
About AltaLink
Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta's largest electricity transmission provider. AltaLink is partnering with its customers to provide innovative solutions to meet the province’s demand for reliable and affordable energy. A wholly-owned subsidiary of Berkshire Hathaway Energy, AltaLink is part of a global group of companies delivering energy services to customers worldwide.
For more information please contact:
| Media Relations Tawnya Plain Eagle Editor, Piikani Nation News Piikani Resource Development Ltd. Phone: 587.777.2845 Email: tplaineagle@piikaninationnews.ca Media Relations Robin Boschman Manager, Corporate Communications AltaLink Management Ltd. Phone: 403.267.2166 E-mail: Robin.Boschman@AltaLink.ca |