Darlington New Nuclear SMR Project Federal Funding
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:
| 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 |