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Williams Treaties First Nations close $700M investment in Ontario Power Generation's Darlington New Nuclear Project

On June 23, 2026, the Williams Treaties First Nations (WTFN), a coalition of seven Michi Saagiig and Chippewa Anishinaabeg Nations comprising Alderville First Nation, Beausoleil First Nation, Curve Lake First Nation, Chippewas of Georgina Island First Nation, Hiawatha First Nation, Chippewas of Rama First Nation, and Mississaugas of Scugog Island First Nation, announced a C$700 million investment in Ontario Power Generation's (OPG) Darlington New Nuclear Project (DNNP) through their jointly held investment vehicle WTFN Investment Holdings LP. The investment was made into OPG Financing LP with related participation in Darlington New Nuclear Project LP (DNNP LP), the project limited partnership comprising WTFN, the governments of Ontario and Canada, and OPG. The transaction is structured as a structured debt investment of up to C$700 million in Unit 1 (the first of four BWRX-300 small modular reactors), with potential future participation rights in Units 2, 3, and 4; the loan converts to equity once construction of all four SMR units is complete. The investment is supported by a 50/50 loan guarantee provided by the Canada Indigenous Loan Guarantee Corporation (CILGC), a wholly owned subsidiary of the federal Crown corporation Canada Development Investment Corporation (CDEV), and the Province of Ontario's Indigenous Opportunities Financing Program administered by the Building Ontario Fund. The guarantee is the largest Indigenous loan guarantee ever issued in Canada, and the investment is the largest collective First Nations investment in nuclear generation in Canadian history and the first First Nations equity partnership in a nuclear reactor in Canada. The financing was placed with a syndicate of Canadian financial institutions including Manulife, SLC Management, and iA Financial Group. The transaction was announced at the DNNP site in Courtice, Ontario, with the federal Minister of Finance and National Revenue, the Ontario Minister of Finance, the Ontario Minister of Energy and Mines, and the heads of OPG, CDEV, CILGC, and Building Ontario Fund in attendance.

Company

Ontario Power Generation

Company

WTFN Investment Holdings LP

Law Firm / Organization
Borden Ladner Gervais LLP (BLG)

Bank

The Manufacturers Life Insurance Company

Law Firm / Organization
Davies Ward Phillips & Vineberg LLP

Bank

Sun Life Assurance Company

Law Firm / Organization
Davies Ward Phillips & Vineberg LLP

Bank

iA Financial Group

Law Firm / Organization
Davies Ward Phillips & Vineberg LLP
Financing/Investment
Energy
$ 700,000,000
Closed
23 June 2026