Canada Infrastructure Bank (CIB) signs agreement with Ontario Power Generation (OPG) for Canada’s first SMR. It is committed to investing $970 million.
Global financing
CIB announces its largest ever investment in Canada’s first RMS. OPG is developing and building the 300MW SMR next to the Darlington nuclear power plant. Located in Ontario, this plant has a capacity of 3500MW.
The IPC-funded Phase 1 work covers all the preparation required prior to nuclear construction. This includes project design, site preparation and the purchase of long lead time equipment. In addition, this funding includes utility connections and associated project management costs.
The Darlington SMR will be one of the first ever developed. For IPC and OPG, the project should be a showcase for similar projects in Canada. In addition, it may be of growing interest in the United States and Europe.
A project for the future
Carbon-free energy from RMS is a key pillar of OPG’s climate change plan. The company aims to become a zero-carbon company by 2040. Finally, in 2050, the company aims to achieve a net zero economy by 2050.
BIC funding supports Canada’s efforts. Indeed, the country aims to become a global hub for SMR technology. In addition, the market would be worth $150 billion per year by 2040.
Construction is expected to take place by the end of the decade. Once operational, the SMR will avoid approximately 740,000 tons of greenhouse gas emissions per year. Thus, this figure represents the equivalent of the emissions of nearly 160,000 gasoline-powered cars.
