Canada Announces Historic Indigenous Loan Guarantee for Darlington Nuclear Project
The Government of Canada has announced the largest Indigenous loan guarantee in Canadian history, enabling seven Williams Treaties First Nations to acquire a significant minority stake in Ontario Power Generation’s Darlington New Nuclear Project.
On June 23, 2026, Minister François-Philippe Champagne announced a joint agreement with the Williams Treaties First Nations and the Government of Ontario regarding the Darlington New Nuclear Project. This initiative facilitates approximately $715 million in financing, marking the largest Indigenous loan guarantee ever issued in Canada.
The transaction allows seven First Nations from the Williams Treaties group to eventually own a significant minority interest in the project. It represents one of the largest Indigenous investments in a major infrastructure project in Canadian history. The financing is split evenly: half is provided through the federal Indigenous Loan Guarantee Program (ILGP), and the other half comes from the Province of Ontario's Indigenous Opportunities Financing Program. Notably, this event marks the first collaboration between the Canada Indigenous Loan Guarantee Corporation (CILGC) and a provincial loan guarantee program.
Once complete, the Darlington New Nuclear Project will position Canada as the first G7 country to have a small modular reactor. At full potential, the project's four planned reactors are expected to provide 1,200 megawatts of electricity, sufficient to power about 1.2 million homes. Additionally, the project aims to reduce carbon emissions by an average of up to 2.3 million tonnes annually between 2030 and 2050.
The announcement builds on previous financial commitments, including the Canada Growth Fund's pledge of up to $2 billion in equity financing for the project in October 2025. The broader ILGP federal initiative has a total value of $10 billion. The project is also expected to generate substantial employment opportunities, sustaining 3,700 jobs annually during operations over 65 years and creating 18,000 jobs per year during peak construction activity. Furthermore, it is projected to drive $500 million in annual investment into Ontario’s nuclear supply chain.