A group of First Nations in Ontario is gearing up to take ownership of a new nuclear reactor following a partnership agreement with both the federal and provincial governments.
Ottawa and Ontario are offering loan guarantees totaling $700 million to seven Williams Treaties First Nations located east 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, Ont., by Ontario Power Generation.
Energy and Mines Minister Stephen Lecce mentioned that this marks Canada’s first equity partnership with First Nations in a nuclear facility.
He stated that this investment would give the First Nations a minority share in the plant and contribute to economic reconciliation.
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Get breaking Canada news delivered to your inbox as it happens so you won’t miss a trending story. 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 the Chippewas of Rama First Nation. Story continues below An official announcement is expected on Tuesday morning. The Chiefs from the Williams Treaties First Nations are calling this deal 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,” said the chiefs in their statement. More on Canada More videos “This investment demonstrates what is possible when First Nations can engage meaningfully in projects within their territories, not just as rights holders but also as investors, partners, and contributors to the long-term success of these projects.” The first of four small modular reactors is currently under construction at the Darlington power plant. “After initiating work on the first SMR in the G7, our government is taking another historic step by bringing First Nations into full partnership in this once-in-a-generation project,” Lecce noted in his statement. The total cost for all four small modular reactors is projected at $21 billion. The completion date for the first reactor is anticipated by 2030. Once operational, these small modular reactors will generate 1,200 megawatts of power-enough to supply electricity to approximately 1.2 million homes. & copy 2026Source link
