The Canada Infrastructure Bank (CIB) has committed C$970m to the development of Canada’s first small modular reactor (SMR) nuclear facility.
The financing will support the construction preparations and project managements costs for the 300-megawatt reactor, which is being built by Ontario Power Generation (OPG), the province-owned energy company, near the Ontario Darlington Nuclear Generating Station.
As part of the Canada 2022 Budget, the CIB’s remit was recently expanded to ramp up investments into clean energy, included in this was the enabling of the bank to invest in nuclear facilities.
According to the bank, the Ontario project is expected to spearhead other similar projects in Saskatchewan, New Brunswick and Alberta,
Minister of Natural Resources, Jonathan Wilkinson said that the investment "represents a significant step towards the development of a non-emitting electricity grid and a prosperous net-zero future.”