Nuclear reactor projects secure $3B in funding

Key Takeaways:

• Ontario and the federal government are teaming upto build four small modular reactors (SMRs) at Darlington—the first grid-scale SMRs in the G7. Ontario is contributing $1B to the project and the feds are chipping in $2B through the Canada Growth Fund.
• The project will generate 18,000 construction jobs, 3,700 permanent positions, and contribute $38.5 billion to Canada’s GDP over 65 years, with 80% of spending directed to Ontario companies and $500 million injected annually into the supply chain.
• Led by Ontario Power Generation (OPG), the Darlington project—expected to power 1.2 million homes by 2030—sets the stage for further nuclear growth, including proposed developments at Wesleyville (10,000 MW) and with Bruce Power (4,800 MW).

The Whole Story:

Ontario is investing $1 billion through the Building Ontario Fund to support construction of four small modular reactors (SMRs) at Darlington Nuclear Station, marking the first grid-scale SMRs in the G7. The project will create 18,000 jobs during construction and 3,700 permanent positions during operation, while contributing $38.5 billion to Canada’s gross domestic product over 65 years.

Construction of the first SMR began in May 2025, with the unit expected to come online in 2030. Once all four reactors are complete, they will generate 1,200 megawatts (MW) of electricity, enough to power approximately 1.2 million homes.

The province and federal government are jointly funding the Darlington New Nuclear Project, with Ottawa contributing $2 billion through the Canada Growth Fund. Ontario Power Generation (OPG) is leading the project, which will use an innovative financing model to attract additional private sector and Indigenous investment.

For the construction and trades sector, the project represents a significant capex commitment anchored by a provincial requirement that 80% of spending flow to Ontario companies, including steel produced by Ontario steelworkers. The project will inject $500 million annually into the Canadian supply chain during construction and operation.

“This historic financing commitment marks a pivotal step forward for the Darlington New Nuclear Project and for Ontario and Canada’s clean energy future,” said Nicolle Butcher, president and CEO of Ontario Power Generation, in a statement. “Together with our partners, OPG will use the many lessons learned from our successful Darlington Refurbishment project, which remains ahead of schedule and on budget, to ensure we deliver the G7’s first grid-scale SMR, with the same efficiency and safety.”

The Canadian Nuclear Safety Commission recently approved OPG’s operating licence at Darlington through 2045, the longest licence ever issued by the regulator. The station currently employs 2,500 workers.

Ontario is also exploring additional nuclear projects, including OPG’s Wesleyville site in Port Hope, which could host up to 10,000 MW of generation capacity, and pre-development work with Bruce Power on a large-scale nuclear build with up to 4,800 MW of new generation—the first major nuclear build in over three decades.