The ownership stake matters, but so do the terms. “At the end of the day, if someone says ‘I’ve got 50% interest’—50% interest can mean almost nothing if the terms aren’t there,” says Chris Henderson, founding director of Indigenous Clean Energy. Equity deals are structured like waterfalls: returns flow through layers of debt service, maintenance, and management fees before reaching the community. A high percentage can be hollow if the Indigenous partner is last in line. A Hydro-Québec official says Kahnwawà:ke returns will be regulated the same as the utility’s own—a more predictable structure than many Indigenous energy deals. But the final ownership stake isn’t settled. “We have an option right now whether to stay at 10% or go up to 49%,” says Grand Chief Cody Diabo, who took office in July 2024. In part, the percentage the community decides on is a moral question about participating in an extractive energy project, along with questions around cost and potential longer-term profits.
