Landmark Indigenous Investment Signals a New Era for Nuclear Infrastructure Ownership in Canada
An equity investment by seven Indigenous communities in Ontario Power Generation’s Darlington New Nuclear Project marks a world first and reflects the continuing evolution of ownership across Canada’s Energy and Infrastructure sectors.
As economic reconciliation has become a national priority, Indigenous communities are increasingly seeking direct participation in projects located within their Treaty Territories. The Darlington Unit 1 investment provides a landmark example of how that participation is moving into large-scale equity ownership.
A World-First Indigenous Investment in Canada’s Nuclear Sector
Morrison Park Advisors - IMAP Canada acted as exclusive financial advisor to Williams Treaties First Nations Investment Holdings Limited Partnership (“WTFN LP”), a partnership owned by seven Indigenous communities, on its investment in Unit 1 of the Darlington New Nuclear Project.
Located within the Treaty Territory of the Williams Treaties First Nations, and approximately 60 kilometers east of Toronto, the project represents the world’s first equity investment by an Indigenous community in the construction of a nuclear electricity generation facility.
The investment in Unit 1 was completed when the agreement was signed on June 19, 2026. As part of the overall transaction, the Nations will have the opportunity to invest in Units 2, 3, and 4 as each begins construction over the next five years.
WTFN LP will be a significant minority investor in the Darlington New Nuclear Project.
Government-Backed Indigenous Loan Guarantee Supports Darlington Nuclear Investment
Supporting the equity investment required a combination of private debt and government-backed financing.
Morrison Park Advisors acted as sole agent and bookrunner on a CAD700 million private debt capital raise to fund WTFN LP’s investment in Unit 1 of the Darlington New Nuclear Project.
The firm also advised WTFN LP on the negotiation of an Indigenous Loan Guarantee from two levels of government. It is the largest Indigenous Loan Guarantee in Canadian history.
Morrison Park Advisors acted as exclusive financial advisor to the Indigenous communities across all financial aspects of the transaction, including the equity investment, private debt raise, and loan guarantee negotiation.
The First Commercial Small Modular Reactor Project
The Darlington New Nuclear Project is also significant for the nuclear technology being developed.
The project will be the first Small Modular Reactor built on a commercial basis in an OECD country. Unit 1, the first of four planned 300 MW nuclear units, is now under construction.
Once complete, the facility is expected to generate 1,200 MW of electricity and operate for 60 years. Its total construction and financing cost is expected to be approximately CAD23 billion.
The combination of direct Indigenous equity ownership and first-of-its-kind nuclear development makes the transaction an important milestone for both Indigenous investment and Canada’s nuclear sector.
Indigenous Ownership Across Canada’s Energy and Infrastructure Sectors
The transaction reflects a wider change in the ownership of major Canadian projects.
As Indigenous communities seek greater economic participation in projects within their territories, ownership structures across the Energy, Mining, and Infrastructure sectors are continuing to evolve.
Morrison Park Advisors has advised more than 20 Indigenous communities over the past decade on economic participation in energy and mining projects across Canada. The Darlington mandate extends that experience into nuclear infrastructure and demonstrates how Indigenous investment is extending into this sector.
A Landmark for Indigenous Investment in Canada
The investment in Unit 1 of the Darlington New Nuclear Project represents more than a major capital investment.
It marks the first time Indigenous communities have invested directly in the construction of a nuclear electricity generation facility and provides a significant example of Indigenous participation as equity owners in a major project located within their Treaty Territory.
The Morrison Park Advisors team, led by Managing Directors Pelino Colaiacovo and Sandy Mackay, acted as exclusive financial advisor on the equity investment, private debt raise, and Indigenous Loan Guarantee negotiation.
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