Name
Darlington New Nuclear Project (DNNP)
Sector
Energy
Location
Darlington, ON
Participation
Investment of up to $1 billion in equity
Partners
Ontario Power Generation (OPG) and Canada Growth Fund Investment Management (CGF)
In partnership with CGF, BOF will finance the construction of the first of four small modular reactors (SMRs) at the Darlington New Nuclear Project (DNNP), owned and managed by OPG. Once completed in 2030, the first SMR will be the first-of-its-kind in the G7, producing enough electricity to power the equivalent of 300,000 homes. When completed, DNNP will feature four SMRs with total output of 1,200 MW, the equivalent to powering 1.2 million homes.
The DNNP transaction is a first-of-its-kind financing in Ontario where an energy asset is being developed and held in a special purpose vehicle structure to enable and facilitate downstream institutional investment once derisked.
DNNP is expected to create tens of thousands of jobs over the next 65 years, strengthen Ontario’s clean energy leadership, and provide a scalable model for future SMR deployments across Canada and beyond. It is estimated that DNNP could contribute more than $13 billion to Ontario’s GDP and generate over $700 million in tax revenues over the life of the project.
equity investment, demonstrating the Fund’s range of financing tools
