The Williams Treaties First Nations (WTFN) have made a historic CAD700m ($492m) equity partnership investment in Ontario Power Generation’s (OPG’s) Darlington New Nuclear Project (DNNP). OPG plans to build four BWRX-300 small modular reactors (SMRs) at the site, which could produce enough electricity to power about 1.2 million homes.
This agreement marks Canada’s largest collective First Nations investment in nuclear power generation history, positioning the communities as full equity co-owners in the project. The Nations made the announcement at the DNNP site, where they were joined by Ontario Minister of Energy and Mines, Stephen Lecce, Ontario Finance Minister, Peter Bethlenfalvy, and Federal Minister of Finance and National Revenue, François-Philippe Champagne.
The partnership will create long-term economic opportunities for the participating Nations and a platform for future Indigenous participation in major infrastructure development across the Williams Treaties Territories.
The project will partner with seven communities of the Michi Saagiig and Chippewa Anishinaabeg Nations of the Williams Treaties. These include Alderville First Nation, Curve Lake First Nation, Hiawatha First Nation, Mississaugas of Scugog Island First Nation, Beausoleil First Nation, Chippewas of Georgina Island First Nation, and Chippewas of Rama First Nation.
The CAD700m loan is funded through the Canada Indigenous Loan Guarantee Corporation (CILGC), launched in late 2024 with CAD5bn to bypass systemic funding barriers faced by Indigenous communities. The federal government doubled the CILGP capacity to CAD10bn in March 2025. Its mandate expanded beyond energy to back major infrastructure, transportation, and trade projects.
The CILGC provides a federal guarantee to commercial lenders on behalf of the Indigenous borrower. This secures the lowest available market interest rates, identical to government-backed debt. A crucial mechanism of the CILGP is its ability to blend federal and provincial resources. The WTFN deal uses a 50/50 risk split between the federal CILGC and the provincial Building Ontario Fund.
In a joint statement, the Chiefs of the Williams Treaties First Nations said: “Today, our Nations are taking 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’s growing energy needs. 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 statement continued: “Following years of discussion, analysis, negotiation, and planning, our Nations have agreed to make a $700 million investment in the project through our jointly held investment limited partnership, WTFN Investment Holdings LP. Structured as a commercial loan that will convert to equity ownership over time, this transaction positions our Nations as long-term partners in one of the most significant energy infrastructure projects in Canada.”
GE Vernova Hitachi Nuclear Energy’s BWRX-300 is a 300 MWe water-cooled, natural circulation SMR with passive safety systems that leverages the design and licensing basis of GE Vernova Hitachi Nuclear Energy’s US Nuclear Regulatory Commission-certified ESBWR boiling water reactor design and its existing, licensed GNF2 fuel design.
The Darlington New Nuclear Project (DNNP) is proceeding through a highly regulated, sequential construction roadmap. In April 2025, the Canadian Nuclear Safety Commission (CNSC) issued the Licence to Construct transitioning the project from site preparation to active nuclear construction.
Construction is now underway on the main structural components, including the reactor, control, and turbine buildings. Support infrastructure for all four planned BWRX-300 units is being laid simultaneously.
In April, the project team hoisted and placed the 953-tonne Basemat module – the foundation of the reactor building – into the newly excavated reactor building shaft, 35 metres below ground. Preparation work is underway to excavate a 3.4km Condenser Cooling Water tunnel – an essential element for bringing the first SMR unit online. To do this work, a large tunnel boring machine, nicknamed Harriett Brooks after Canada’s first female nuclear physicist, will be assembled and deployed.
Construction of the first grid-scale SMR unit is scheduled to finish in 2028. Systems testing and pre-fuel inspections will begin immediately after. Commercial power generation from the first SMR unit is slated to begin in 2029. The WTFN equity ownership stake officially enters the regulated rate base at this time, triggering long-term dividend streams.
