A number of First Nations in Ontario are set to own a new nuclear reactor after forming a business partnership with the federal and provincial governments.
Ottawa and Ontario are offering loan guarantees worth $700 million to the seven Williams Treaties First Nations located northeast of Toronto, which will convert into equity for one of the four small modular reactors being constructed at the Darlington New Nuclear Project in Bowmanville by Ontario Power Generation.
Ontario Energy and Mines Minister Stephen Lecce stated that this marks Canada’s first equity partnership with First Nations for a nuclear reactor.
He noted that this investment will provide a minority stake in the facility for the First Nations and contribute towards economic reconciliation.
The Williams Treaties First Nations include Indigenous communities around Lake Ontario and Lake Simcoe: Alderville First Nation, Curve Lake First Nation, Hiawatha First Nation, Scugog Island First Nation, Chippewas of Beausoleil First Nation, Chippewas of Georgina Island First Nation, and Chippewas of Rama First Nation.
According to Finance Minister François-Philippe Champagne, Indigenous ownership aligns with the federal government’s ambition to become an energy superpower.
“Canada strong for all means building clean energy infrastructure quickly, responsibly and as a unified Team Canada with First Nations like the Williams Treaty First Nations and all Canadians,” Champagne said.
4 reactors projected at $21B
The leaders of the Williams Treaties First Nations are calling this agreement a “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,” the chiefs said in a statement.
“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 also as investors, partners and participants in the long-term success of the project.”
WATCH | More about the ‘milestone’ deal:
7 First Nations sign ‘milestone’ $700M loan guarantee for nuclear reactor ownership stake
Chief Ted Williams on behalf of seven Williams Treaties First Nations announced $700 million in loan guarantees from the federal and Ontario governments on Tuesday that will provide equity in a small modular reactor being built at the Darlington New Nuclear Project. Federal Finance Minister François-Philippe Champagne said the ‘milestone’ agreement is the largest Indigenous loan guarantee ever issued.
The first of four small modular reactors (SMRs) is under construction at the Darlington power plant.
“After breaking ground on the first SMR in the G7, our government is taking another historic step, helping to bring First Nations in as full partners in this once-in-a-generation project,” Lecce said in a statement.
The four small modular reactors are expected to cost $21 billion. The first reactor is scheduled to be completed by 2030.
Once operational, these small modular reactors will generate 1,200 megawatts of power-enough to supply electricity to 1.2 million homes.
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