The federal and Ontario governments are investing a total of $3 billion in the construction of four small modular nuclear reactors (SMRs) at the Darlington power plant in Bowmanville, Ontario. Prime Minister Mark Carney and Ontario Premier Doug Ford made the announcement today at the site, emphasizing the project's significance for energy production in the region.

The funding will help cover part of the estimated $20.9 billion total cost for the project. Ontario is contributing $1 billion through the Building Ontario Fund, while the federal government is providing $2 billion via the Canada Growth Fund. The construction of the first SMR is already underway, with plans for all four reactors to be operational in the coming years.

Once completed, the four SMRs are expected to generate 1,200 megawatts of electricity, enough to power approximately 1.2 million homes. This initiative has been labeled a potential "nation-building" project by the Liberal government and was referred to the Major Projects Office in September for expedited processing.

The Canadian Nuclear Safety Commission granted Ontario Power Generation (OPG) a license to construct the first SMR earlier this year, with construction having commenced in the spring. The project has been recognized as a priority for national interest, prompting the government to fast-track its development.

Further updates on the project are anticipated as construction progresses and additional details emerge.