Canada will make a $715 million loan guarantee to a group of seven First Nations so they can buy a stake in a large nuclear project east of Toronto, according to a person with knowledge of the matter.
Finance Minister to Announce Indigenous Loan Guarantee
Finance Minister François-Philippe Champagne is set to announce an Indigenous loan guarantee Tuesday that will enable the Williams Treaties First Nations to own a significant minority interest in the Darlington New Nuclear Project, said the person, who was not authorized to speak publicly.
Half of the backing, which represents the largest Indigenous loan guarantee in Canada, will be provided by the federal government’s Indigenous Loan Guarantee Program, the person said. The Ontario government will back the other half through its Building Ontario Fund, they said.
Darlington New Nuclear Project Details
The Darlington New Nuclear Project is one of 17 initiatives referred to the country’s Major Projects Office for review. It has four planned reactors with a combined capacity of 1,200 megawatts, and would expand an existing site owned by Ontario Power Generation Inc.
On Monday, the federal government launched its nuclear strategy, which aims to enable construction of as many as 10 large-scale nuclear reactors in the country and double uranium exports.
