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Several First Nations sign deal with Ottawa, Ontario to own part of a nuclear reactor
Several Ontario First Nations are set to become owners of a new nuclear reactor after striking a commercial partnership with the federal and provincial governments.
Ottawa and Ontario are providing loan guarantees of $700 million to the seven Williams Treaties First Nations east of Toronto that will turn into equity for one of the four small modular reactors being built at the Darlington New Nuclear Project in Bowmanville, Ont., by Ontario Power Generation.
It's the first equity partnership with First Nations in a nuclear reactor in Canada, said Ontario Energy Minister Stephen Lecce.
Seven Williams Treaties First Nations will become owners of a small modular reactor at Darlington.
The investment will result in a minority stake for the First Nations in the facility, he said, and will help with economic reconciliation.
The Williams Treaties First Nations consist of communities near Lake Ontario and Lake Simcoe: Alderville First Nation, Curve Lake First Nation, Hiawatha First Nation, Scugog Island First Nation, Chippewas of Beausoleil First Nation, Chippewas of Georgina Island First Nation and the Chippewas of Rama First Nation.
The Chiefs of the Williams Treaties First Nations are calling the deal a "historic step forward."
"Through this investment, we are not only creating opportunities for our own communities — we are helping advance a project that will play an important role in meeting Ontario and Canada's growing energy needs," they said in a statement.
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