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(Bloomberg) — Canada will make a C$715 million ($504 million) loan guarantee to a group of seven First Nations so they can buy a stake in a large nuclear project east of Toronto.
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Finance Minister François-Philippe Champagne announced 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.
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“We are unlocking our full potential both in nuclear energy, but also in terms of Indigenous participation,” Champagne told reporters. “This program is about giving Indigenous communities greater access to capital they need to invest in major projects and share more fully in the economic opportunities.”
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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 Ontario government will back the other half through its Building Ontario Fund.
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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.
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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.
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The seven members of the Williams Treaties First Nations include the Alderville, Curve Lake and Hiawatha First Nations.
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(Updates throughout following the official announcement.)
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English (US)