The Canada Infrastructure Bank (CIB) has agreed to invest CA$970 million in the country’s first small modular reactor (SMR). Ontario Power Generation is developing the 300MW plant next to its existing 3.5GW Darlington Nuclear Generating Station.
The funding will go towards Phase 1 of the project which covers site preparation ahead of main construction, as well as design and procurement of long lead equipment.
SMRs are a new class of nuclear reactors which are approximately 300 megawatts or less, have a smaller footprint and a shorter construction schedule, compared to traditional nuclear generating stations. The bank stated that once fully constructed by the end of the decade, the SMR would avoid approximately 740,000 tonnes of greenhouse gas emissions annually – equivalent to the emissions of nearly 160,000 petrol cars.
Ehren Cory, CEO of the Canada Infrastructure Bank said, “Energy experts say there is no path to bringing the world’s carbon emissions to zero by 2050 without nuclear. The CIB’s $970 million investment will help OPG construct Canada’s first small modular reactor.”
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