Canada Growth Fund (CGF) and Building Ontario Fund (BOF) have announced an equity commitment agreement to finance up to CAD3bn (€1.8bn, $2.1bn) between them in a small modular reactor (SMR) project at the existing Darlington nuclear power station site in Ontario.
Through the agreement, CGF and BOF have committed to invest up to CAD2bn and CAD1bn respectively, each taking minority ownership positions in the Darlington New Nuclear Project (DNNP), which will be majority owned and operated by power company Ontario Power Generation (OPG).
CGF is a government-backed fund that aims to attract private capital to build Canada's clean economy. BOF is a state agency that finances large-scale, revenue-generating infrastructure projects in Ontario.