Province Backs $250M Expansion of SON & Bruce Power Isotope Partnership
Ontario is backing a $250-million expansion of the Saugeen Ojibway Nation–Bruce Power medical isotope partnership, including a provincial loan guarantee and new $10-million annual revenue-sharing.
The Ontario government is backing a $250-million expansion of a medical isotope partnership between Bruce Power and the Saugeen Ojibway Nation (SON), supported by a provincial loan guarantee.
The financing is being provided through Ontario’s Indigenous Opportunities Financing Program, administered by the Building Ontario Fund. The program offers provincial guarantees to help First Nations secure financing for equity participation in infrastructure and other revenue-generating projects.
The expanded agreement replaces a 2019 arrangement and establishes the Gamzook’aamin aakoziwin Limited Partnership. Under a separate revenue-sharing agreement announced alongside the expansion, $10 million annually will be paid directly to the Saugeen First Nation and the Chippewas of Nawash Unceded First Nation, split equally.
According to the province, the investment supports expanded production of medical isotopes at Bruce Power, including cobalt-60, which is used in cancer treatment and sterilization of medical equipment.
Premier Doug Ford said the investment builds on Ontario’s nuclear sector and strengthens Indigenous economic participation. Finance Minister Peter Bethlenfalvy said the province is supporting expanded access to medical isotopes while reinforcing Ontario’s position in the sector.
Leaders from Saugeen First Nation and Chippewas of Nawash Unceded First Nation described the agreement as providing stable, long-term revenues for their communities. Bruce Power officials said the partnership is intended to support both isotope production and economic participation by SON.
The province has said it aims to increase medical isotope production by 2030. Bruce Power produces isotopes using its Isotope Production System, developed in partnership with Isogen, a joint venture between Kinectrics and Framatome. Bruce Power also supplies cobalt-60 to Ottawa-based Nordion.
TD Securities Inc. acted as financial advisor and sole bookrunner on the financing related to SON’s investment.
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