WINNIPEG, Manitoba/TORONTO, April 2 (Reuters) - Canada's

First Nations are eyeing their biggest opportunities yet to

invest in multi-billion-dollar energy projects from pipelines to

power lines, hinging on Prime Minister Justin Trudeau keeping a

promise this spring to make the deals easier to finance.

Trudeau's government will release its budget April 16 and

has said it will include plans to guarantee loans for Indigenous

communities investing in major resource projects.

The government, which is trying to cut greenhouse gas

emissions, has not said whether oil and gas projects will be

included but if they are then they would represent some of the

biggest Indigenous investment opportunities, from the

government-owned Trans Mountain oil pipeline to TC

Energy's ( TRP ) Coastal GasLink pipeline.

At least 38 Canadian energy projects were announced with

Indigenous investment between 2022 and 2024, ranging in value

from C$13 million to C$14.5 billion ($10.69 billion), according

to the Fasken law firm, which has worked on some of the

projects.

Enbridge ( ENB ) is willing to sell Indigenous stakes in

all types of assets, including North America's biggest oil

pipeline network, the Mainline, said executive vice-president of

liquids Colin Gruending, adding that a Mainline deal would be

complex because it crosses the Canada-U.S. border.

"Being open to all forms of energy, I think that's

important," Gruending said of the federal guarantee. "If we're

going to involve more nations quicker, we need to open it up."

The federal government will update next steps for a loan

guarantee program in its budget, said Katherine Cuplinskas,

spokesperson for the finance minister. She did not answer

questions about the program's dollar value or whether it would

include oil and gas projects.

For energy companies, Indigenous partnerships provide

capital infusions and a way to speed projects through approval

from provincial governments that in some cases require First

Nations equity.

A federal loan guarantee would allow First Nations to borrow

at favorable rates, enabling them to profit, said Niilo Edwards,

CEO of First Nations Major Projects Coalition, an

Indigenous-owned organization that is advising First Nations on

17 projects worth a combined C$40 billion.

"A lot of (First Nations) are presented major investment

opportunities that may be in the hundreds of millions of dollars

and just don't have the capital themselves," Edwards said.

Alberta, Saskatchewan and Ontario offer provincial

guarantees and British Columbia is developing one.

Banks already profit from advising and lending to First

Nations and energy companies on deals but are eager for a

federal guarantee to free up capital on a bigger scale.

"Provincial/federal loan guarantee programs with clear

parameters could create a powerful force for accelerating

capital into Indigenous-led projects," said Michael Bonner, head

of Canadian business banking at Bank of Montreal ( NRGD ).

Many recent First Nations resource deals involve electricity

and renewable energy.

BC Hydro is talking with an Indigenous coalition about

buying 50% of its northwest transmission line expansion.

Wind and solar deals are also happening, such as Greenwood

Sustainable Infrastructure's C$200-million solar farm in

Saskatchewan, announced in January, which will be at least 10%

owned by Ocean Man First Nation.

Spain-based EDP Renewables, which built an Ontario

wind farm in 2021 with 50.01% ownership by Piwakanagan First

Nation, has multiple Canadian projects under development and is

looking for more.

With First Nations knowledge and support, projects advance

faster, said EDP North American CEO Sandhya Ganapathy.

"Canada is super-high on our radar."

($1 = 1.3564 Canadian dollars)