On October 23, 2025, Canada Growth Fund Inc. (CGF) and Building Ontario Fund (BOF) announced an equity commitment to finance the Small Modular Reactors (SMR) project at the Darlington New Nuclear Project (DNNP), majority owned and operated by Ontario Power Generation Inc. (OPG). CGF committed up to $2 billion and BOF up to $1 billion, representing 15% and 7.5% minority stakes, respectively. The DNNP will see the construction of four grid-scale commercial SMRs, the first such project among G7 nations, expected to deliver up to 1,200 MW of electricity—enough to power 1.2 million homes. Funding will be provided in two tranches: initial capital for SMR 1 and additional capital for SMRs 2–4 upon milestone completion. The total estimated construction cost is $20.9 billion, including interest, escalation, and contingency. OPG aims to complete SMR 1 by the end of the decade and connect it to the grid by 2030, with the remaining units targeted for completion in the mid-2030s. The Conference Board of Canada projected the project would create up to 18,000 jobs annually during construction and add $38.5 billion to Canada’s GDP over 65 years.

Legal advisors were Blake, Cassels & Graydon LLP for CGF and CGFIM, McCarthy Tétrault LLP for BOF, and Torys LLP for OPG. Financial advisors were RBC Capital Markets for CGF, CGFIM, and BOF; CIBC World Markets Inc. for OPG.