OPG applauds newly established Ontario Infrastructure Bank
Funding will be catalyst for powering Ontario's growth with clean energy
TORONTO, Nov. 2, 2023 /CNW/ - Ontario Power Generation (OPG) welcomes the announcement of the Ontario Infrastructure Bank (OIB) in today's Fall Economic Statement. The new agency will help advance the development of clean energy projects across the province.
As the province's largest generator, OPG and its subsidiaries are leading the development of clean technologies and decarbonization initiatives. This includes building North America's first fleet of small modular reactors (SMRs) at the Darlington New Nuclear site. The company is also examining new hydroelectric opportunities that would benefit Indigenous and northern economies. And its subsidiary, Atura Power is at the forefront of hydrogen development in Ontario.
"By prioritizing energy infrastructure, the OIB will be critical as Ontario embarks on the most consequential period of growth for the electricity sector in a century," said OPG President and CEO, Ken Hartwick. "Decarbonizing the economy through clean energy projects, with the inclusion and participation of Indigenous communities, will create better jobs and prosperity for all."
- OPG's first SMR will be completed by the end of 2028, and online by the end of 2029.
- A Conference Board of Canada study estimates the construction and operation of four SMRs at the Darlington site will increase Ontario's GDP by $13.7 billion and sustain, on average, approximately 2,000 jobs per year.
- Atura Power has selected the Niagara region as its first site for large-scale hydrogen production. The Niagara Hydrogen Centre will use a 20-megawatt (MW) electrolyzer to produce green hydrogen.
- OPG is the leading developer of clean generation economic partnerships with Indigenous communities in Ontario. The company is currently delivering on a $1 billion commitment to grow Indigenous economic benefits and investments through its Reconciliation Action Plan.
- The multi-billion-dollar Darlington Nuclear Refurbishment remains on time and budget and has reinvigorated the provincial nuclear supply chain.
- OPG subsidiary, PowerOn Energy Solutions is working with the Toronto Transit Commission to electrify more than 2,400 buses as part of North America's largest transit electrification project.
As one of North America's largest, most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario and the US. OPG and its family of companies are leading the development of new clean technologies, refurbishment projects, and electrification initiatives to power the growing demand of a clean economy. Learn more about how the company is advancing these initiatives while prioritizing people, partnerships, and strong communities by reading OPG's Climate Change Plan, Reconciliation Action Plan, and Equity, Diversity, and Inclusion (ED&I) strategy.
SOURCE Ontario Power Generation Inc.
Ontario Power Generation, 416-592-4008 or 1-877-592-4008, Follow us on X (Twitter): @opg
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