Project Spotlight: Darlington New Nuclear Project
The Darlington New Nuclear Project just became the site of a genuine first: on June 23, 2026, the seven Williams Treaties First Nations announced a $700 million investment that will make them the first Indigenous communities in Canadian history to hold an ownership stake in a nuclear energy project. The deal is backed by the largest Indigenous loan guarantee ever issued in Canada.
Project Overview
Ontario Power Generation is building four BWRX-300 small modular reactors (SMRs) at the existing Darlington nuclear site near Bowmanville, Ontario — the first grid-scale SMR project under construction in the G7. The first reactor's foundation was completed in April 2026, with commercial operation targeted by 2030. Once fully complete, the four-unit fleet is expected to generate approximately 1,200 MW. The project sits alongside four existing large-scale reactors already operating at the Darlington site, and was among the first projects referred to the federal Major Projects Office in September 2025 under Ottawa's "nation-building projects" designation.
Project Details
Location: Darlington Nuclear site near Bowmanville, Ontario
Technology: Small Modular Reactor BWRX-300 design
Capacity: ~1,200 MW across four planned reactors (first reactor under construction)
Status: Under construction; first unit operation targeted for 2030
Estimated Cost: $21 billion
Industry Partner: Ontario Power Generation
Indigenous Partners: 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 Chippewas of Rama First Nation
Indigenous Ownership
The seven Williams Treaties First Nations (WTFN) are investing $700 million in the project through their jointly held investment vehicle, WTFN Investment Holdings LP. The investment is structured as a commercial loan that converts to a minority equity ownership stake in the project once it becomes fully operational. WTFN also retains an option to acquire additional equity in the project.
"Indigenous ownership is central to Canada's energy future and long-term economic growth." Kristan Straub, CEO, CILGC
Financial Details
WTFN's $700 million investment is backed by loan guarantees split evenly between the federal and Ontario provincial loan guarantee programs. This is the largest Indigenous loan guarantee ever issued in Canada. It sits alongside financing the two governments had already committed to the broader Darlington project: a $970 million contribution from the Canada Infrastructure Bank (2022), up to $2 billion in equity financing from the Canada Growth Fund (October 2025), and up to $1 billion pledged throughthe Building Ontario Fund (2025).
Why This Project Matters
A new sector for Indigenous equity. Nuclear power has sat outside the ownership models seen to date.
A genuinely new financing template. This is the first-ever transaction combining the federal and a provincial loan guarantee program on a 50-50 basis.
Convertible debt, not a direct equity purchase. WTFN's investment starts as a commercial loan that converts to equity once the project is fully operational.
Indigenous Energy Ownership Tracker
The Darlington New Nuclear Project is one of the many Indigenous-owned power projects tracked in IEM's Indigenous Energy Ownership Tracker (IEOT). It was built to centralize project ownership details, identify partnership models, and improve transparency across Canada's energy transition.
🔗 Explore the IEOT:
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