Mark Carney at a Policy Exchange summer party, August 2015
BOWMANVILLE, Ont. Prime Minister Mark Carney has announced a multibillion-dollar investment to advance nuclear energy development in Ontario, calling it a major step toward powering Canada’s clean-energy future.
Speaking in Bowmanville on Thursday, Carney said the Canada Growth Fund will invest $2 billion to support construction and operation of four small modular reactors (SMRs) at the Darlington New Nuclear Project. The investment will make Canada the first G7 country to bring SMR technology online.
The project, led by Ontario Power Generation, is expected to generate $500 million annually for Ontario’s nuclear supply chain and provide clean electricity for 300,000 homes. The federal government says it will sustain 3,700 jobs each year, including 18,000 during construction, and operate for more than six decades.
Carney said the project represents a “generational investment” that will create thousands of high-paying jobs while supporting Canada’s transition to low-carbon energy. “We’re building big things to build Canada strong,” he said.
Ontario Premier Doug Ford announced a complementary $1-billion investment from the province through the Building Ontario Fund, calling it a “downpayment on Ontario’s nuclear energy future.” Ontario Power Generation will remain the majority owner and operator of the facility, with the Canada Growth Fund and the Building Ontario Fund holding minority stakes of 15 per cent and 7.5 per cent respectively.
Federal officials said the initiative will strengthen Ontario’s power grid and highlight Canada’s ability to develop major clean-energy assets efficiently and competitively.
Finance and National Revenue Minister François-Philippe Champagne said the Darlington project demonstrates how government can “think big and act fast” to create jobs, grow the economy and lower emissions.
Energy and Natural Resources Minister Tim Hodgson said the financing “paves the way for a future where Canadian energy fuels our economy at home and provides export opportunities abroad.”
The Darlington New Nuclear Project will produce 1,200 megawatts of clean electricity once all four SMRs are operational, enough to power about 1.2 million homes, while reducing carbon emissions by an average of 2.3 million tonnes annually between 2029 and 2050.
The investment is part of the federal government’s Major Projects Office initiative, designed to fast-track large-scale projects by coordinating regulatory processes and engaging industry, Indigenous and regional partners.
The Canada Growth Fund, a $15-billion public investment vehicle launched in 2022, supports projects that reduce emissions, accelerate clean technology deployment and attract private investment. It has so far committed $4.75 billion across 16 portfolio companies in Canada’s energy and industrial sectors.
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