Canada Growth Fund invests in Darlington SMR project

By Global Infrastructure Sherpa · Feb 24, 2026

Investment Nuclear announced Bowmanville, Canada Feb 24, 2026

USD2B

Deal Value

300 MW

Capacity

construction

Stage

Darlington New Nuclear project

Project

The Canada Growth Fund has invested $2 billion into the Darlington small modular reactor project led by Ontario Power Generation.

Deal Analysis

The Canada Growth Fund's $2 billion investment in Ontario Power Generation's (OPG) Darlington small modular reactor (SMR) project represents a significant commitment to nuclear energy development in Canada. This investment underscores the government's strategic focus on clean energy sources and its support for OPG's efforts to advance SMR technology. The deal aims to bolster Canada's energy security and contribute to its decarbonization goals. The investment is notable for its size and the involvement of key players. The Canada Growth Fund's substantial financial backing signals confidence in the project's potential and the viability of SMR technology. OPG, as a major electricity generating company in Ontario, brings significant expertise and operational capabilities to the project. This deal could catalyze further investment in the Canadian nuclear sector and accelerate the deployment of SMRs, potentially positioning Canada as a leader in this emerging technology.

Canada Growth Fund invests $2 billion in the Darlington SMR project.
Ontario Power Generation (OPG) is the developer of the project.
The investment supports the development of small modular reactor (SMR) technology.
The deal highlights Canada's focus on clean energy and decarbonization.

Market Context: The deal takes place within the Canadian nuclear energy sector, which is currently undergoing a period of innovation and expansion, with a focus on SMR technology as a potential solution for clean and reliable energy generation.

Source Intelligence

KEY DETAILS

The province is putting forward $1 billion through its Building Ontario Fund. Initial forecasts suggest the first small modular reactor may cost $6.1 billion, plus another $1.6 billion for systems around it that will service all four once complete. In total, Ontario Power Generation anticipates the four reactors at Darlington to cost $20.9 billion.

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Deal Size

The federal government’s arm’s-length investment vehicle, the Canada Growth Fund, has given the first leg of the project $2 billion

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Capacity

A single small modular reactor at Darlington will produce 300 megawatts of electricity, which is enough to power 300,000 homes.

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Location

The project is under construction at the Darlington Nuclear Generating Station in Bowmanville, Ont., just over an hour’s drive east of Toronto

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Announcement

Published February 24, 2026 at 10:54 AM EST

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COD

If all goes well, 2030.

PARTIES MENTIONED IN SOURCE

Ontario Power Generation developer

"The project is under construction at the Darlington Nuclear Generating Station in Bowmanville, Ont., just over an hour’s drive east of Toronto, and led by the Crown corporation Ontario Power Generation"

Canada Growth Fund investor

"The federal government’s arm’s-length investment vehicle, the Canada Growth Fund, has given the first leg of the project $2 billion"

GE Vernova Hitachi contractor

"Ontario Power Generation is confident in its plan to build a first-of-its-kind reactor at Darlington, with contractor GE Vernova Hitachi"

Orano supplier

"Ontario Power Generation has also signed a deal with French company Orano to garner enriched uranium."

high quality Enriched Feb 27, 2026