By Josh Beckerman
TC Energy Corp. reached an agreement for Natural Law Energy, an alliance of indigenous groups, to invest up to C$1 billion ($763 million) in the Keystone XL pipeline project.
TC Energy and NLE said the first phase of the transaction is expected to close in the third quarter of 2021.
TC Energy said it "will apply this ownership model to create opportunities for additional Indigenous communities along the Keystone XL corridor" in Canada and the U.S.
President-elect Joe Biden's campaign said in May that, if elected, he would revoke a permit that Keystone XL needs to cross into the U.S.
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(END) Dow Jones Newswires