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Several Ontario First Nations are set to become owners of a new nuclear reactor after striking a commercial partnership with the federal and provincial governments.
Ottawa and Ontario are providing loan guarantees of $700 million to the seven Williams Treaties First Nations northeast of Toronto that will turn into equity for one of the four small modular reactors that are being built at the Darlington New Nuclear Project in Bowmanville by Ontario Power Generation.
Ontario Energy and Mines Minister Stephen Lecce said this is the first equity partnership with First Nations in a nuclear reactor in Canada.
He said the investment will result in a minority stake in the facility for the First Nations and will help with economic reconciliation.
The Williams Treaties First Nations consist of Indigenous communities near 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.
Indigenous ownership is part of the federal government’s plan to become an energy superpower, said Finance Minister François-Philippe Champagne.
“Canada strong for all means building clean energy infrastructure quickly, responsibly and as a unified Team Canada with First Nations like the Williams Treaty First Nations and all Canadians,” Champagne said.
4 reactors to cost $21B
The chiefs of the Williams Treaties First Nations are calling the 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,” the chiefs said in a statement.
“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.”
Chief Ted Williams on behalf of seven Williams Treaties First Nations announced $700 million in loan guarantees from the federal and Ontario governments on Tuesday that will provide equity in a small modular reactor being built at the Darlington New Nuclear Project. Federal Finance Minister François-Philippe Champagne said the ‘milestone’ agreement is the largest Indigenous loan guarantee ever issued.
The first of four small modular reactors (SMRs) is under construction at the Darlington power plant.
“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,” Lecce said in a statement.
Federal government invests in small nuclear reactors to help it meet net-zero 2050 target
Canada Infrastructure Bank contributing $970M to fund small modular nuclear reactor in Ontario
The four small modular reactors are expected to cost $21 billion. The first reactor is scheduled to be completed by 2030.
Once in operation, the small modular reactors will produce 1,200 megawatts of power, which is enough to keep the lights on at 1.2 million homes.
Source: cbc
