First Nations group takes stake in Ontario nuclear plant

The investment will provide the participating First Nations with a "meaningful ownership stake" in the project, Ontario Power Generation (OPG) said.

The loan guarantee from Canada Indigenous Loan Guarantee Corporation (CILGC), in fifty-fifty partnership with the Province of Ontario through the Indigenous Opportunities Financing Program administered by Building Ontario Fund, is the largest Indigenous loan guarantee ever issued, CILGC said. CILGC is part of the Canada Development Investment Corporation Group of Companies (also known as CDEV), a federal Crown corporation reporting to the minister of finance. 

Under the agreement, the Williams Treaties First Nations will provide a loan to Darlington New Nuclear Project LP (the equity partnership formed to construct and operate the plant) for the construction of the first of four SMR units to be built at the site. The loan will transition to equity once construction of all four units is complete. 

The Williams Treaties First Nations are seven communities of the Michi Saagiig and Chippewa Anishinaabeg Nations: Alderville First Nation, Curve Lake First Nation, Hiawatha First Nation, Mississaugas of Scugog Island First Nation, Beausoleil First Nation, Chippewas of Georgina Island First Nation, and Chippewas of Rama First Nation. 

"Today, the Williams Treaties First Nations are taking a historic step forward by becoming investors and future owners in Ontario Power Generation's Darlington New Nuclear Project," the Chiefs of the Williams Treaties First Nations said in a joint statement.

"Following years of discussion, analysis, negotiation, and planning, our Nations have agreed to make a $700 million investment in the project through our jointly held investment limited partnership, WTFN Investment Holdings LP. Structured as a commercial loan that will convert to equity ownership over time, this transaction positions our Nations as long-term partners in one of the most significant energy infrastructure projects in Canada.

"This represents the largest collective First Nations investment in nuclear generation in Canada and a landmark Indigenous investment in Canada's first grid-scale small modular reactor, the first such project in the G7. At a time of growing electricity demand, our Nations are helping support the development of reliable, low-emissions energy infrastructure that will serve Ontario for generations to come.

"This decision reflects our commitment to creating long-term opportunities and prosperity for our communities while ensuring that our Nations play a meaningful role in shaping major developments taking place within our territories."

Kristan Straub, President and Chief Executive Officer of CILGC, said the investment marks a new era of Indigenous participation in Canada's major projects. "The Darlington New Nuclear Project is a landmark clean electricity investment, and with today's announcement, in partnership with the Building Ontario Fund, Williams Treaties First Nations will be partners at scale in a major project - something they, and other Indigenous peoples, have been ready for for a very long time. Indigenous ownership is central to Canada's energy future and long-term economic growth. This is what economic reconciliation is all about."

_{A digital rendering of OPG's future Small Modular Reactor at Darlington (Image: OPG)}

GE Vernova Hitachi Nuclear Energy's BWRX-300 is a 300 MWe water-cooled, natural circulation SMR with passive safety systems that leverages the design and licensing basis of GE Vernova Hitachi Nuclear Energy's US Nuclear Regulatory Commission-certified ESBWR boiling water reactor design and its existing, licensed GNF2 fuel design. 

The Darlington New Nuclear Project will be the first new nuclear build in Ontario in more than three decades. OPG received a Licence to Construct the first of four planned BWRX-300s at Darlington in April 2025, and since then has continued to make progress. In April, the Basemat module - the foundation of the reactor building, weighing in at nearly 953 tonnes - was lifted into the newly excavated reactor building shaft, 35 metres below ground. Preparations are now underway for the excavation of a 3.4-kilometre-long Condenser Cooling Water tunnel.