First Nations will invest $700 million in an historic equity partnership with Ontario to build the G7’s first Small Modular Reactors (SMRs).
The Darlington New Nuclear Project (DNNP) will receive the $700 million investment from the Williams Treaties First Nations (WTFN), said a provincial statement.
The DNNP LP is an equity partnership formed to construct and operate the DNNP consisting of majority-owner Ontario Power Generation (OPG) alongside the Canada Growth Fund and Building Ontario Fund.
Under the agreement, the WTFN will provide a loan to DNNP LP for the construction of the first SMR unit, with the loan transitioning to equity once construction of all four SMR units is complete.
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.
Opportunities For Indigenous Communities
“Today, our Nations are taking an historic step forward. Through this investment, we are not only creating opportunities for our own communities – we are helping advance a project that will play an important role in meeting Ontario and Canada’s growing energy needs,” said a statement from WTFN Chiefs. “This investment demonstrates what is possible when First Nations are able to participate meaningfully in projects taking place within their territories, not only as rights holders, but as investors, partners, and participants in the long-term success of the project.”
The province authorized OPG last year to engage First Nations for equity participation in the SMR project.
“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.
Construction Of First SMR Underway
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.
“Today marks an historic and unprecedented moment for the future of nuclear energy in our community at Darlington. Under Premier Doug Ford’s leadership, we’re not only creating new jobs and economic growth in Durham region, we are also charting a new path by bringing seven First Nations in as full partners on the SMR project, making Ontario the first jurisdiction in the G7 to take this ground-breaking step,” said Todd McCarthy, MPP for Durham.
Quick Facts
- In October 2025, the province and federal government made historic investments in this nation-building project, including up to a $1 billion provincial investment through the Building Ontario Fund and up to a $2 billion federal investment through the Canada Growth Fund
- In April 2026, Ontario reached a major construction milestone on the first SMR with the installation of the basement marking the first new nuclear reactor foundation in 30 years.
- Ontario announced that OPG would begin planning and licensing for three additional SMRs, for a total of four SMRs at the Darlington nuclear site in July 2023.
- OPG obtained a Licence to Construct (LTC) for Unit 1 from the Canadian Nuclear Safety Commission (CNSC) in April 2025. OPG filed its Licence to Operate (LTO) application for Unit 1 to the CNSC in March 2026
- Nuclear power currently provides about 50 per cent of Ontario’s electricity supply and has positioned Ontario as one of the cleanest electricity grids in the world.
- Ontario’s nuclear industry supports around 80,000 good-paying jobs in communities across the province.
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