Canada and Ontario Invest $3 Billion in Small Nuclear Reactor Project

The Government of Canada and the Province of Ontario have announced a joint investment of $3 billion CAD to build four small modular nuclear reactors (SMRs) at the Darlington site in the Greater Toronto Area.

Prime Minister Mark Carney called it a “generational investment,” noting that Canada will be the first G7 country to build an entirely new type of nuclear reactor. The federal government will contribute $2 billion, while Ontario will invest $1 billion.

Ontario Premier Doug Ford said the project will create thousands of jobs and help make the province an “energy superpower.” It is expected to support 3,700 permanent jobs and up to 18,000 construction jobs, contributing more than $38 billion to Canada’s GDP over 65 years.

Ontario Power Generation (OPG) will own and operate the project, with the federal government holding 15% and Ontario 7.5%. The first reactor, valued at $7.7 billion, is expected to be completed by 2029 and connected to the grid in 2030. Once all four SMRs are operational, they will generate 1,200 megawatts, enough to power 1.2 million homes.

Ontario is also exploring additional nuclear initiatives and upgrades to the Darlington, Pickering, and Bruce facilities.

Carney said Canada aims to double non-U.S. exports over the next decade, including SMR technology exports to Europe and beyond. Ford added that memoranda of understanding have already been signed, including with Poland.