Ontario Secures $300M Deal for World’s Largest Nuclear Facility

Ontario has entered into a landmark $300 million cost-sharing agreement that positions the province to host what could become the world’s largest nuclear generating facility, according to an exclusive report from CP24. The deal, announced this week, marks a major step forward in Ontario’s push to expand its nuclear capacity and secure its energy future amid growing electricity demands.

The agreement, which involves Ontario Power Generation (OPG) and the provincial government, is part of a broader strategy to accelerate the construction of new nuclear projects, including the Darlington New Nuclear Project (DNNP) and the refurbishment of the Pickering B Nuclear Generating Station. These initiatives are expected to create thousands of jobs and contribute billions to Canada’s GDP over the coming decades.

Key Financial and Regulatory Support

The $300 million cost-sharing arrangement is designed to support OPG’s financing needs during the construction phase of these major projects. Under the agreement, the province has amended its regulatory framework to establish a Concurrent Cost Recovery Mechanism (CCR), allowing OPG to recover debt interest during construction. This change is intended to lower borrowing costs and reduce long-term expenses for ratepayers.

the government has committed $5 billion in equity injections into OPG between 2025 and 2027, further supporting the province’s nuclear ambitions. These measures are part of a broader effort to minimize the financial burden on ratepayers while ensuring the timely completion of critical energy infrastructure.

Job Creation and Economic Impact

The DNNP alone is expected to create 18,000 Canadian jobs during construction and contribute $38.5 billion to the national economy over the next 65 years. The refurbishment of the Pickering B station, set to begin in January 2027, is projected to generate 28,000 jobs in Ontario and add $41.6 billion to Canada’s GDP over the life of the project.

Energy Minister Stephen Lecce has emphasized the importance of these projects for Ontario’s economic growth and job creation. In a recent press conference, Lecce highlighted the potential for the new nuclear facility to power up to 10 million homes and create 1,700 local jobs in Port Hope, where OPG has signed a deal to build a new large nuclear reactor. The project description for the Port Hope facility was submitted to the Impact Assessment Agency of Canada in January 2026, marking a critical milestone in the province’s nuclear expansion plans.

Broader Nuclear Ambitions

Ontario’s nuclear strategy extends beyond the DNNP and Pickering B. The province has also completed a $12.8 billion refurbishment of the Darlington Nuclear Generating Station, extending its operating life to at least 2055. OPG is exploring the construction of four small modular reactors (SMRs) at Darlington and a new large-scale plant at Bruce Power in Tiverton, further solidifying Ontario’s position as a leader in nuclear energy.

The province’s commitment to nuclear energy is also reflected in its recent investments in fusion technology. In December 2025, Ontario announced a $19.5 million investment to establish the Centre for Fusion Energy in Pickering, reinforcing its role in the global clean energy transition.

Indigenous Equity Partnerships and Future Outlook

The regulatory amendments also enable Indigenous equity partnerships for the DNNP, opening the door for public, private, and Indigenous investors to participate in the project. This move aligns with the province’s goal of fostering inclusive economic growth and leveraging Ontario’s nuclear advantage to create a sustainable energy future.

As Ontario moves forward with these ambitious nuclear projects, the province is poised to not only meet its growing electricity needs but also to emerge as a global leader in nuclear innovation and clean energy.