Ontario Reaches Historic First Nations Equity Partnership to Build the G7’s First Small Modular Reactors

“For the first time in Canadian history, First Nations are supporting and investing in made-in-Canada nuclear, as Ontario leads the Western World building the first SMR, a project that will create over 18,000 good-paying jobs, with 80 per cent of investment staying in Ontario,” said Stephen Lecce, Minister of Energy and Mines. “Ontario is entering a new era of how we build large energy projects in true partnership, with a plan to add $800 billion in economic value to our country’s economy and create 150,000 jobs as we generate reliable power for generations to come. This announcement sustains momentum behind Ontario as we build on-time and on-budget, the envy of the world.”

The DNNP is a key pillar of Energy for Generations, the province’s first-ever integrated energy plan to ensure Ontario has the reliable, affordable power to have a secure supply of energy for the future and drive economic growth. With construction underway on the first SMR, the project will see four SMRs built at the existing Darlington site, generating 1,200 megawatts of reliable, clean electricity, enough to power 1.2 million homes. The project will create up to 18,000 Canadian jobs during construction, with 80 per cent of project spending flowing to Ontario-based companies.

“This investment demonstrates the power of partnership to drive economic opportunity and long-term growth,” said Peter Bethlenfalvy, Minister of Finance. “By bringing together First Nations communities, governments and industry, we are helping to build the infrastructure and investment climate that will support Ontario’s prosperity for generations to come.”

The Williams Treaties First Nations’ investment is supported by a provincial guarantee through the Indigenous Opportunities Financing Program, administered by the Building Ontario Fund, in conjunction with a loan guarantee provided by the Canada Indigenous Loan Guarantee Corporation (CILGC). Ontario is participating in the CILGC’s guarantee for the investment on a 50/50 basis. Equity support in the DNNP project will avoid cost increases by reducing borrowing costs, saving ratepayers up to $15 billion over the operating life of the project.

“This is a historic partnership that demonstrates a critical feature of Ontario’s nuclear advantage: First Nation communities as true equity partners,” said Greg Rickford, Minister of Indigenous Affairs and First Nations Economic Reconciliation and Minister Responsible for Ring of Fire and Economic and Community Partnerships. “By working together in partnership, we are seizing the opportunity to strengthen economic reconciliation, support workforce development, and build a prosperous future for all.”

To date, more than 100 Canadian companies are already part of the growing SMR supply chain, positioning Ontario businesses to compete for opportunities in the emerging global nuclear market. This global leadership was recently demonstrated in France, where the province announced a new collaboration to export critical components for SMRs. Over the life of the DNNP, the construction, operation and maintenance of the four units are expected to contribute $38.5 billion to Canada’s GDP and sustain approximately 3,800 highly skilled, good-paying jobs annually for the next 65 years.

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