First Nations to become part-owners of Ontario nuclear reactor in historic deal

Seven First Nations in Ontario are set to become equity partners in a new nuclear reactor, a move hailed as a historic step for economic reconciliation. The Williams Treaties First Nations, located east of Toronto, will hold a minority stake in one of the four small modular reactors being constructed at the Darlington New Nuclear Project in Bowmanville.

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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.

Ottawa and Ontario are backing the partnership with $700 million in loan guarantees, which will convert into equity for the First Nations. Energy and Mines Minister Stephen Lecce highlighted this as the first such equity partnership in Canada's nuclear sector. The initiative aims to create economic opportunities for the Indigenous communities and contribute to meeting Ontario and Canada's energy demands.

"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," stated the Chiefs of the Williams Treaties First Nations in a joint statement. They emphasized the deal's significance in enabling First Nations to participate meaningfully in projects within their territories, not just as rights holders but as investors and partners.

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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 Darlington project is constructing four small modular reactors, with the first expected to be operational by 2030. The total cost for the four reactors is estimated at $21 billion. Once completed, they will generate 1,200 megawatts of power, sufficient to supply 1.2 million homes.

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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.