Several First Nations to own a nuclear reactor in Ontario

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and a civilian were killed in a shooting. Meanwhile, Seven First Nations are betting on Canada's nuclear energy future and the federal party leaders are off Parliament Hill

and on the summer circuit. It's Tuesday, June 23rd. I'm David Cochran. The Power and Politics podcast starts now.

The federal and Ontario governments are providing loan guarantees of $700 million to several First Nations. In a national first, the Williams Treaty's First Nations have become full equity partners in the Darlington New Nuclear Project.

This will support the construction of four small modular nuclear reactors making Canada the first G7 country to deploy this grid-scale technology. Now, in fully operational, the site will generate 1200 megawatts of electricity, which is enough power for 1.2 million homes,

roughly the scale of the entire Greater Toronto area. Joining us now is Ontario's Minister of Energy and Mine Stephen Leche. Minister, good to see you again sir.

Thanks for joining us today. Good to be back. So the Williams Treaties First Nations, they're taking a $700 million equity stake

in this project. How did you get to this particular partnership? We've heard a lot about First Nations participations in mining projects,

pipelines, oil science projects. How did you get them to go nuclear? Well, it's a day of firsts. I mean, we're building the first small module

reacting to G7. It's one of the largest clean energy projects in Canada. And it's the first time in the history of our nation that first nations were not just consulted,

but they're actually co-owners of a nuclear project. So it's quite monumental. It builds massive momentum behind this nation building project.

It started meaningfully over the last 18 months, I gave a mandate to OPG to negotiate with the Williams Treaty partners and the Chiefs to make sure that they knew that there was

a meaningful economic opportunity for their buy-in. And I think what got them excited is that this is an intergenerational play to create wealth and opportunities for their children and grandchildren.

The Chiefs will often remind us as Canadians, they look downstream seven generations. The fact that this is a 65-year asset, it's gonna help remove the equivalent

of a nuclear in Canada, about 15 million cars from the road is the equivalent of greenhouse gas emissions, good for the environment, good for the economy, good for economic reconciliation,

good for the supply chain of Canada. I think they came to the conclusion that there's a net wind here for all of us. And they ultimately in good faith worked with us

for the past 18 months and got to yes, which is why we're able to celebrate a big achievement today as they buy in for the first time in a new nuclear build in Canadian history.

What was the incentive and the motivation to reach out to these particular First Nations, because we'll look at the Alberta example of the pipeline. If it does go through indigenous territory,

should it get to that point? Obviously you can see why an equity stake would matter. You're building this at the Darlington facility. What prompted you to seek out the involvement

of the Williams Treaty's First Nation? Much of this had to do with OPG and the government of Ontario demonstrating that economic reconciliation

manifestly means partnerships, partnerships that go beyond a consultation. On nuclear, we see as the next frontier building big requires us to move together.

And so given the hawkish posture of the government of Ontario Premier Ford on getting big projects done, realizing that in order to move at a heightened speed

and to do nation building, we can only do it through meaningful partnership. And so this is something we accepted, we embrace, and we really made this outreach

because we just believe this could be how we set up our kids and grandkids, particularly within the First Nations, the next generation up for success.

How do we deliver meaningful economic value to the supply chain, First Nations businesses, and to the youth? And anyone that knows,

chief they will know they live for the young people that they represent, a fast-growing demographic of Canada. And so if we wanna build confidence,

build partnerships, and build big, and at scale, I just think any sensible government is gonna work in make every good faith effort to build alliances and partnerships with the First Nations

and to the William Treaty, they did much of the work and they deserve much the praise because we really wouldn't be here unless they had the courage to meet in the first place and to say yes

as we announced today. So look, one of these SMRs that costs billions of dollars to make, right? I think there's 21 billion for the four

you're planning to build. So they would be a minority shareholder, a minority stakeholder obviously in this project. What is the opportunity then on the next three?

I mean, is there a point where they could end up in the majority shareholder of an SMR? Or is this something that always the government and the utility will maintain control of?

So we essentially, they're helping with the debt financing of this project, it converts to equity and they'll make a long term dividend, a long term value for their communities

and their peoples over the course of the 65 years. So it's a win for us in that it helps to de-risk the investment, it's a win for the first nations. and helps to bring value over the next two generations.

For units two, three, and four, you are correct. The announcement today applies to the first unit.