Canada to invest $2 billion in Darlington nuclear project

Investing.com -- Canada’s government announced a $2 billion investment from the Canada Growth Fund to support the construction of four small modular reactors (SMRs) at the Darlington New Nuclear Project in Bowmanville, Ontario.

Prime Minister Mark Carney made the announcement Thursday, positioning Canada to become the first G7 country to bring SMR technology online. The Ontario government, led by Premier Doug Ford, will contribute an additional $1 billion through the Building Ontario Fund.

The investment structure gives the Canada Growth Fund a 15% ownership stake in the project, while the Building Ontario Fund will hold 7.5%. Ontario Power Generation remains the majority owner and operator.

Once completed, the first of Darlington’s four SMRs will provide clean power to 300,000 homes. The project is expected to sustain 3,700 jobs annually over the next 65 years, including 18,000 during the construction phase, and drive $500 million annually into Ontario’s nuclear supply chain.

"The Darlington New Nuclear Project will create thousands of high-paying careers and power hundreds of thousands of Ontario homes with clean energy," said Prime Minister Carney. "This is a generational investment that will build lasting security, prosperity, and opportunities."

Premier Ford described the investment as "a downpayment on Ontario’s nuclear energy future," adding that it would support "good-paying, long-term jobs for Ontario workers" while building energy infrastructure to make "Ontario an energy superpower."

The project was previously identified as one of the first wave of initiatives referred to the government’s Major Projects Office, which was established to cut red tape and fast-track nation-building projects.

Finance Minister François-Philippe Champagne noted that the Darlington project "will stimulate demand for clean energy technologies and green construction jobs as the first initiative of its kind among G7 countries."

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