Torys is pleased to be advising Ontario Power Generation (OPG) on all aspects of the Darlington New Nuclear Project, including its innovative, newly announced C$3 billion equity commitment from the federal and provincial governments.
As reported by The Globe and Mail, Prime Minster Mark Carney and Ontario Premier Doug Ford announced on October 23 that the Canada Growth Fund Inc. (CGF) and Building Ontario Fund (BOF) have committed to invest up to C$2 billion and C$1 billion, respectively, in equity in connection with the G7’s first-of-its-kind on-grid small modular reactor (SMR) technology at OPG’s Darlington New Nuclear Project (DNNP). Through the agreements, CGF and BOF will each take minority ownership positions in the DNNP.
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The Torys team advising on the financing was led by Krista Hill and included Stephen Neil and Mackenzie Birchard (M&A), Josh Van Deurzen, Patrick Kanopoulos and Emily Stewart (projects), Andy Gibbons and Aren Thomasian (real estate), Charles Keizer and Jonathan Myers (energy regulatory), Scott Kraag (debt financing), Michael Fortier (environmental), and Jerald Wortsman and Richard Johnson (tax).
The DNNP, which will be majority owned and will be operated by OPG, will see the construction of four grid-scale commercial SMRs—a first among G7 nations—that, when completed, are expected to deliver up to 1,200 MW of reliable, affordable, and low-carbon electricity, enough to power 1.2 million homes.
Congratulations to OPG on this innovative investment in clean energy for Canada’s future.