In recent years, Indigenous communities across Canada—including First Nations, Métis, and Inuit—have become more active in the capital markets, financing ownership stakes in assets and acting as intermediaries. According to a report from Fasken Martineau DuMoulin LLP, at least 111 Indigenous communities across Canada either obtained or announced an equity interest investment in a major infrastructure project between the start of 2022 and April 2024. Through public bond issuances and private placements, some of these groups have raised capital to acquire stakes in infrastructure, energy, and other projects. 

This trend marks a significant step towards economic reconciliation, with Indigenous-led partnerships becoming equity owners of pipelines, power projects, and more. Additionally, supportive frameworks such as government loan guarantees and new Indigenous-owned financial institutions are facilitating these debt-financed deals. 

Several landmark transactions since 2020 highlight the growing role of Indigenous groups in Canada’s bond market and illustrate how Indigenous consortiums are using bond financing to acquire asset ownership. These financings span pipelines, energy infrastructure, and other asset classes, and often involve multi-community partnerships. 

Northern Courier Pipeline Partnership (2021)

Suncor Energy partnered with eight Indigenous communities (three First Nations and five Métis) to acquire a 15% stake in the Northern Courier Pipeline, an oil sands transport pipeline valued at approximately C$1.3 billion. The Indigenous communities’ participation was financed via non-recourse debt, bolstered by a C$40 million loan guarantee from the Alberta Indigenous Opportunities Corporation (AIOC). This transaction provided the First Nation and Métis partners with steady long-term revenue (~C$16 million annually) from the asset. 

Cedar LNG – Haisla Nation & FNFA (2024)

The Haisla Nation of B.C. became majority owner of the Cedar LNG project—a floating liquefied natural gas facility—through financing facilitated by the First Nations Finance Authority (FNFA). FNFA issued its first-ever 30-year bond, raising C$350 million to help fund Haisla’s equity stake in Cedar LNG. This bond issue was notable not only for enabling a First Nation-led major energy project, but also for including an Indigenous investment dealer (Cedar Leaf Capital) to the underwriting syndicate. Once built, Cedar LNG is expected to be among the lowest-carbon LNG facilities, exemplifying how Indigenous-backed projects can align with sustainable investment goals. In 2021, the Haisla Nation partnered with Pembina Pipeline Corporation who will develop and operate the facility. 

Stonlasec8 Alliance – Enbridge Westcoast Pipeline (2025)

Stonlasec8 Indigenous Alliance LP, a group of 38 First Nations in British Columbia, raised approximately C$736 million via an inaugural bond issuance to buy a 12.5% equity stake in Enbridge’s Westcoast natural gas pipeline system. This financing, supported by a guarantee from the new Canada Indigenous Loan Guarantee Program, enabled the First Nations to benefit from an asset crossing their traditional territories. Notably, it was first major investment guaranteed under the federal Indigenous loan guarantee program, and British Columbia’s public-sector pension investor (BCI) was among the investors who purchased the bonds.

Many other First Nations have similarly taken ownership positions in assets like power generation, transmission lines, and renewables in recent years. While not all have involved bond issuance, the above deals highlight a broader pattern across industries.

Key Developments Enabling Indigenous Participation

The growing Indigenous ownership of assets has in part been enabled by greater Indigenous participation in Canada’s capital markets, especially via bond financings. A few key developments illustrate this trend:

First Nations Finance Authority (FNFA)

FNFA is a non-profit financial institution that pools First Nations’ borrowing needs and raises funds through bond issuances. As of 2025, FNFA had financed over C$3.4 billion in First Nations projects. Its bonds—now extending to 30-year maturities—have high credit ratings and are purchased by investors seeking impact investments. By accessing public debt markets, FNFA provides Indigenous governments with affordable financing for infrastructure, economic development, and equity investments (as seen with Cedar LNG). 

Government Loan Guarantees

Federal and provincial programs have reduced risk for lenders and investors, acting as a precursor or catalyst for Indigenous bond financings. AIOC has provided loan guarantees (e.g., C$40 million for the Northern Courier deal) to backstop Indigenous investments. Similarly, the federal Canada Indigenous Loan Guarantee Program (launched in 2023) can guarantee loans or bonds for Indigenous projects. Initially established as a $5 billion program, this program was doubled to $10 billion by the federal government in March 2025. The recent Westcoast pipeline bond by Stonlasec8 was the first major transaction under this program. This form of credit support improves financing terms and makes large bond-funded acquisitions more feasible for Indigenous groups.

Continued financing is expected in this space. The First Nations Major Projects Coalition, established in 2015, estimates that Indigenous communities will need access to $585-billion over the next 20 years to meet the demand for projects at various stages of development on their lands.

Indigenous-owned Investment Dealer

Another important development is the emergence of Cedar Leaf Capital Inc., Canada’s first majority Indigenous-owned investment dealer. The Bank of Nova Scotia helped launch the dealer in 2023 and still owns 30% of the business but plans to divest its stake within three years so that Cedar Leaf can be completely independent. Its majority shareholders are Nch’kay’ Development Limited Partnership, Des Nedhe Financial LP and the Chippewas of Rama First Nation. Cedar Leaf is already participating in selected bond syndicates, acting as a co-manager on Ontario Power Generation’s $1 billion green bond issue in 2025 marking the first time a non-financial corporate issuer included an Indigenous dealer in a bond syndicate. It also became the first Indigenous-owned dealer to join a provincial government’s underwriting syndicate when the Province of Alberta added Cedar Leaf to a 10-year bond reopening in 2025. Cedar Leaf’s participation in these deals demonstrates a commitment to include Indigenous expertise in capital markets and providing a bridge between Indigenous communities and investors.

Broadening Inclusion: Métis and Inuit Involvement

While First Nations have led most of the large bond-financed investments to date, Métis and Inuit groups are increasingly involved as well:

Métis Communities: The Northern Courier Pipeline partnership highlighted above included five Métis communities as part-owners, benefiting from the bond-funded financing structure. Provincial bodies such as AIOC have explicitly included Métis in their mandate to support such investments. Going forward, Métis-led projects (in energy, housing, etc.) may also tap bond markets or FNFA-style financing as their capacity grows.

Inuit Participation: Inuit organizations have a strong asset ownership history (e.g., land claim corporations in northern Canada), but their direct involvement in bond-financed deals is still emerging. Inuit regions are exploring major infrastructure projects—such as clean energy and telecom in the Arctic—which could leverage the new federal loan guarantees or partnerships with southern investors. Although no Inuit-led bond issuance has yet made headlines, Inuit groups are positioned to benefit from the same frameworks of capital access and could join future multi-Indigenous consortia acquiring assets. Inclusion of Inuit communities in nationwide programs such as the Canada Indigenous Loan Guarantee Corporation indicates that they are eligible for support in financing sizable projects.

The Take-Away

Canadian Indigenous groups’ direct participation in the bond market over the past five years has grown from virtually zero to several prominent transactions totaling billions of dollars. By issuing bonds and securing institutional investment, Indigenous consortiums have gained ownership stakes in pipelines, energy facilities, and other infrastructure assets that were previously out of reach. These financings set the foundation for Indigenous nations as investors and asset owners, not just stakeholders. 

The involvement of First Nations, Métis, and Inuit in financing arrangements, supported by government guarantees and Indigenous-led financial entities, is also fostering economic reconciliation through market mechanisms. Investors have responded positively, seeing these initiatives as both socially impactful and financially sound (often with stable, utility-like returns). 

As Indigenous communities’ participation in the capital markets evolves, we can expect to see more partnerships across various industries—from energy and utilities to transportation and telecommunications. This more inclusive era in the Canadian capital markets not only offers stable investment opportunities for investors, but the more well-defined frameworks should help accelerate infrastructure projects, increase investment, and grow the opportunity set to deploy capital in Canada at attractive rates of return. Additionally, Indigenous minority investment in projects incrementally help companies improve and maintain their leverage profiles—capital intensity is high in these industries (energy, utilities, infrastructure etc.) so the diversification of funding sources is beneficial. 

Ultimately, similar benefits also apply to the Indigenous communities themselves such as diversification of revenue streams and a long-term focus consistent with the objectives of independence and economic prosperity.