Friday, October 24, 2025
The Province of Ontario and the federal government announced $3 billion in investments in the first small modular reactors (SMRs) in the G7 at Darlington Nuclear Station, including a $1 billion provincial investment through the Building Ontario Fund and a $2 billion federal investment through the Canada Growth Fund, respectively.
Once construction of the four SMRs is complete, the Darlington New Nuclear Project will produce 1,200 megawatts (MW) of electricity, enough to power the equivalent of 1.2 million homes.
“Today’s investment to support the first SMRs in the G7 is a down payment on Ontario’s nuclear energy future,” said Premier Doug Ford. “We’re protecting Ontario by supporting good-paying, long-term jobs for Ontario workers and building the energy infrastructure — including both SMRs and new, large-scale nuclear — needed to make Ontario an energy superpower.”
“The Darlington New Nuclear Project will create thousands of high-paying careers and power thousands of Ontario homes with clean energy,” said Mark Carney, Prime Minister of Canada. “This is a generational investment that will build lasting security, prosperity and opportunities. We’re building big things to build Canada Strong.”
Construction on the first SMR began in May 2025, with the SMR expected to come online in 2030. The funding will support the construction and operation of the first SMR with an innovative model to allow for additional private sector and Indigenous investment.
“The Darlington New Nuclear Project will help meet growing demand for low-carbon energy, and provide significant economic benefits for Ontarians and Canadians, creating jobs and securing contracts across the province’s robust nuclear supply chain,” said Nicolle Butcher, OPG president and CEO. “Other Canadian provinces and global jurisdictions are seeking our expertise to deploy SMRs as a solution for their energy security needs, making this project a platform for further growth.”
The first-of-their-kind in the G7, the SMRs that make up the Darlington New Nuclear Project will inject $500 million annually into the Canadian supply chain. The construction, operation and maintenance of the four units will add $38.5 billion to Canada’s GDP over the next 65 years. The government has worked with Ontario Power Generation (OPG) to ensure that 80 per cent of project spending goes to Ontario companies, including steel produced in Ontario, by Ontario steelworkers, and that construction and operations will protect workers and jobs by sustaining an estimated 3,700 highly skilled, good-paying jobs annually.
“This is a watershed moment for Building Ontario Fund and demonstrates our catalytic role in financing large-scale infrastructure projects,” said Michael Fedchyshyn, CEO of Building Ontario Fund.
OPG remains the majority owner and operator of the Darlington New Nuclear Project, with Canada Growth Fund and Building Ontario Fund acquiring meaningful minority stakes in the Project, representing 15 per cent and 7.5 per cent ownership, respectively.
“Through this novel financing arrangement, Canada Growth Fund is pleased to support these first-of-a-kind small modular nuclear reactors with significant potential to be replicated across Canada and globally,” said Yannick Beaudoin, president and CEO of Canada Growth Fund Investment Management Inc. “We look forward to building upon this financing model to attract further interest from private investors committed to developing low-carbon energy infrastructure in Ontario and across Canada.”
In addition to the Darlington New Nuclear Project and refurbishments at the Darlington and Pickering nuclear generating stations and Bruce Power, Ontario is exploring multiple new nuclear energy generation projects to build for the future. This includes OPG’s Wesleyville site in Port Hope, which could host up to 10,000 MW of reliable, emissions-free power and conducting pre-development work with Bruce Power to site the first large-scale nuclear build in over three decades with up to 4,800 MW of new nuclear generation.
Featured image: (Government of Ontario)
