The challenges involved in completing a large-scale project with multiple stakeholders reinforces the need for strong relationships. By building on shared goals and values, trusting working relationships can be established, which are essential for long-term success.
Power and utility projects often involve complex partnerships and can take years of significant investment to get off the ground. That’s why it’s important these relationships are built on trust, mutual benefits, and a clear understanding of potential economic opportunities. For example, underdeveloped land assets in rural communities could be used for major commercial projects such as solar farms or hydropower stations, but what benefits do they bring beyond an increase in cash flow?
Angie Brown, Partner and Advisory Services Leader in Newfoundland and Labrador, says there are long-term opportunities for Indigenous communities that partner in large-scale utility projects.
Historically, Indigenous communities played a smaller part in major energy projects, but that role has shifted in recent years, setting the tone for future opportunities.
“Over the last three years I'm seeing Indigenous communities as a driving force on a project,” Angie says. “They're participating in a larger way financially, taking on more risk, and generating a greater return for that risk. I think over the next five to ten years, we're going to see more of the communities really leading more commercial investment in Canada.”
Indigenous communities leading utilities projects will reinforce the value of building strong and trusting relationships and focusing on long-term community goals.
“I think we're going to see a big shift in the relationship where we're asking Indigenous communities for help,” Angie says. “They’re going to carve out their own path and suddenly, we're going to want to learn more about that success.”
Our practitioners have experience cultivating connections to understand how we can best support an Indigenous community’s goals and vision for a sustainable future.
“We aim to build a multi-generational relationship with our clients, which means we want to help them not only now, but well into the future,” Angie explains. “That’s why our services evolve as the community’s needs evolve.”
For projects like developing energy assets, some of the ways we can help include*:
Our practitioners know real support comes from looking at the bigger picture and how these projects have an impact that pays off over generations—not just in the short term. It also depends on the community’s vision for the project.
“One of the ways we can help is by putting trusts in place and creating advisory committees to support investments,” Angie explains. “This ensures the growth in community wealth benefits the community for generations to come. That support could be through further investment in business, developing training programs, per capital distributions to residents, youth programming or Elder pensions.”
Successful energy projects support Indigenous communities, but they also have ripple effects across Canada’s economy as nearby businesses benefit from the increased activity and ongoing job creation. Capitalizing on these opportunities to work together, learn from each other and build relationships is the key growing businesses that can succeed across generations.
Contact your local advisor or reach out to us here.
*The services and experiences described above are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas. However, due to independence restrictions that apply to our assurance clients and their affiliates, we may be unable to provide certain services based on individual facts and circumstances.
