OPG, an electricity generation company wholly owned by the Province of Ontario, is developing and constructing the 300MW SMR adjacent to its existing 3,500MW Darlington Nuclear Generating Station in Clarington
CIB to provide $970m for developing SMR. (Credit: Markus Distelrath from Pixabay)
Canada Infrastructure Bank (CIB) has signed an agreement with Ontario Power Generation (OPG) to provide $970m financing for Canada’s first small modular reactor (SMR).
OPG, an electricity generation company wholly owned by the Province of Ontario, is developing and constructing the 300MW SMR.
It is developing the advanced reactor adjacent to its existing 3,500MW Darlington Nuclear Generating Station in Clarington, Ontario, Canada.
OPG will use the CIB financing to fund the Phase one works that cover all the preparations required before nuclear construction.
The works include project design, site preparation, procurement of equipment, utility connections, implementation of a digital strategy, and associated project management costs.
Canada Infrastructure Bank CEO Ehren Cory said: “Energy experts say there is no path to bringing the world’s carbon emissions to zero by 2050 without nuclear.
“The CIB’s $970m investment will help OPG construct Canada’s first small modular reactor. As our largest clean power investment, we are supporting technology which can accelerate the reduction in greenhouse gases while also paving the way for Canada becoming a global SMR technology hub.”
SMRs are a new class of nuclear reactors that have a smaller footprint and a shorter construction schedule, compared to traditional nuclear-generating stations.
The reactors can provide zero-carbon baseload power across all regions and play important role in decarbonising the electricity sector.
The Darlington SMR is planned to be fully constructed by the end of this decade.
Once complete, the SMR will eliminate about 740,000 tonnes of greenhouse gas emissions per annum, which is equivalent to emissions of nearly 160,000 gas cars.
The project is expected to create 700 jobs during project development, 1,600 jobs during manufacturing and construction, 200 jobs during operations, and 160 jobs during decommissioning.
Furthermore, Darlington SMR is anticipated to lead similar projects in Saskatchewan, New Brunswick, and Alberta, supporting Canada’s efforts to become a global SMR technology hub by 2040.
OPG president and CEO Ken Hartwick said: “We know nuclear energy, including from SMRs, is an essential part of the electricity mix to help meet our climate change goals.
“This low-interest financing helps us advance the Darlington New Nuclear Project, paving the way for development and deployment of the next generation of nuclear power in Canada.”