Darlington New Nuclear SMR Project Federal Funding
Torys acted as counsel to Ontario Power Generation in its C$970 million funding agreement with the Canada Infrastructure Bank in connection with the development of the G7’s first on-grid small modular reactor (SMR) technology at its Darlington New Nuclear Project—the largest investment in clean power by Canada Infrastructure Bank to date.
On October 25, 2022, the Canada Infrastructure Bank (“CIB”) announced that it finalized an agreement with Ontario Power Generation (“OPG”) and committed C$970 million towards Canada's first SMR project.
The CIB-financed Phase 1 work on the project covers all preparation required prior to nuclear construction, including project design, site preparation, procurement of long lead-time equipment, utility connections, implementation of a digital strategy, and related project management costs.
The transaction is CIB's largest investment in clean power to date.
Further information can be found on Canada Newswire’s website.
OPG is a climate change leader and the largest, most diverse electricity generator in the province of Ontario.
CIB is an impact investor deploying C$35 billion to develop the next generation of infrastructure Canadians need.
The Torys team advising on the SMR Project is being led by Krista Hill and included Adam Delean and Scott Kraag (project financing).
Torys also acted on the following in connection with this project:
- Ontario Power Generation on all aspects of its project to develop, construct and operate the G7’s first on-grid small modular reactor (“SMR”) technology at the site of its Darlington New Nuclear Project, part of a pan-Canadian national approach to facilitate the development of SMR nuclear projects in Canada
Ontario Power Generation in the up to C$3 billion innovative equity investment by Canada Growth Fund and Building Ontario Fund in the Darlington New Nuclear Project, a project involving the construction of up to four grid-scale commercial small modular reactors
- Ontario Power Generation in the C$700 million investment by the Williams Treaties First Nations in the Darlington New Nuclear Project, a project involving the construction of up to four grid-scale commercial small modular reactors
| Jurisdiction | Durham County |
| Province/State | Ontario |
| Country | Canada |
| Nature of Engagement | Project Finance |
| Government Level | Federal |
| Client | Ontario Power Generation |
| Client Role | Project Owner |
| Value | $970,000,000 CAD |