On June 23, 2026, the Williams Treaties First Nations, through their jointly held investment vehicle WTFN Investment Holdings LP, announced a $700 million investment in Ontario Power Generation's (OPG) Darlington New Nuclear Project (DNNP), marking the largest collective First Nations investment in nuclear generation in Canada. The investment supports the development of Canada's first grid-scale small modular reactor (SMR) and the first such project in the G7. WTFN Investment Holdings LP represents the economic development entities of the Michi Saagiig and Chippewa Anishinaabeg Nations of the Williams Treaties, comprising Alderville First Nation, Curve Lake First Nation, Hiawatha First Nation, Mississaugas of Scugog Island First Nation, Beausoleil First Nation, Chippewas of Georgina Island First Nation, and Chippewas of Rama First Nation.
The transaction provides WTFN Investment Holdings LP with a structured debt investment of up to $700 million in the project's first SMR unit (Unit 1), with potential future participation rights in Units 2, 3, and 4. The financing is structured as a commercial loan that will convert to equity ownership over time, once construction of all four SMR units is complete. The investment involved WTFN Investment Holdings LP's formation and its investment in OPG Financing LP and related participation in DNNP LP, the limited partnership established for OPG's BWRX-300 SMR project alongside co-owners including the Canada Growth Fund and the Building Ontario Fund.
The investment is supported by a loan guarantee from the Canada Indigenous Loan Guarantee Corporation (CILGC), a wholly owned subsidiary of the Canada Development Investment Corporation, together with a provincial guarantee through the Indigenous Opportunities Financing Program administered by the Building Ontario Fund, on a 50/50 risk-sharing basis. Financing is being provided through a syndicate of Canadian financial institutions, with Manulife, SLC Management, and iA Financial Group among the participating institutions. MPA Morrison Park Advisors acted as the Nations' exclusive financial advisor and served as sole agent and bookrunner on the placement of the financing.
Borden Ladner Gervais LLP acted as legal counsel to WTFN Investment Holdings LP, with a team led by Cherie Brant that included Rob Blackstein, Michael Alty, Joshua Favel, Nick Pinsent, and Rachael Belanger; Steve Suarez, Joelle Kabouchi, and Jamin Chen (Tax); Colm Boyle (Energy Regulatory); and Luca Vita (Financial Services).