The Canada Infrastructure Bank (CIB) has finalized an agreement with Ontario Power Generation (OPG) and put $970 million towards Canada’s first small modular reactor (SMR). .“Energy experts say there is no path to bringing the world’s carbon emissions to zero by 2050 without nuclear,” said CIB CEO Ehren Cory in a Tuesday press release. .“The CIB’s $970 million investment will help OPG construct Canada’s first small modular reactor.” .The release said this spending is the most the CIB has made in clean power to date. .OPG is developing and constructing a 300-megawatt SMR next to its existing 3,500-megawatt Darlington Nuclear Generating Station in Clarington, ON. .The release went on to say SMRs are a new class of nuclear reactors which are about 300 megawatts or less, have a smaller carbon footprint, and shorter construction schedule. It said SMRs can provide zero-carbon baseload power across all areas and are critical to decarbonizing the electricity sector and economy. .The release said the CIB-financed Phase One works covers all preparation required prior to nuclear construction, including project design, site preparation, equipment procurement, utility connections, implementation of a digital strategy, and related project management costs. .Zero-carbon energy from SMRs is a key pillar in OPG’s Climate Change Plan, which outlines its goals to become a net zero company by 2040 and a catalyst for a net zero economy by 2050. .“We know nuclear energy, including from SMRs, is an essential part of the electricity mix to help meet our climate change goals,” said OPG president and CEO Ken Hartwick. .“This low-interest financing helps us advance the Darlington New Nuclear Project, paving the way for development and deployment of the next generation of nuclear power in Canada.” .The release said the Darlington SMR will be one of the first ever developed and is expected to spearhead similar projects in Saskatchewan, New Brunswick, and Alberta, with interest growing in the United States and Europe. .It said the project will support Canadian efforts to become a global SMR technology hub. Once completed by the end of the decade, it will divert about 740,000 tonnes of greenhouse gas emissions annually. .“As our largest clean power investment, we are supporting technology which can accelerate the reduction in greenhouse gases while also paving the way for Canada to become a global SMR technology hub,” said Cory. .The Canadian government approved a $27.2 million subsidy to build prototypes of small nuclear reactors to use in the Arctic in March. .READ MORE: Feds approve subsidy for prototypes of small Arctic nuclear reactors.This funding follows a report from 2018 stating Canada must promote nuclear power to fight climate change. .“We are laying the foundation for a better and more prosperous climate oriented future,” said Innovation, Science, and Industry Minister François-Philippe Champagne.
