Mr. Adam Borgatti reports

AECON PARTNERSHIP EXECUTES AGREEMENT TO DELIVER NORTH AMERICA'S FIRST GRID-SCALE SMALL MODULAR REACTOR FOR ONTARIO POWER GENERATION

A partnership between Aecon Group Inc., GE Hitachi and SNC-Lavalin has executed a six-year alliance agreement with Ontario Power Generation (OPG) to deliver North America's first grid-scale small modular reactor (SMR) through the Darlington new nuclear project (DNNP) in Clarington, Ont.

Under an integrated project delivery (IPD) model, OPG serves as the licence holder and will maintain overall responsibility for the project, including operator training, commissioning, indigenous engagement, stakeholder outreach and oversight. GE Hitachi is the technology developer responsible for design, procurement of major components, engineering and support. SNC-Lavalin is the architect and engineer providing design, engineering and procurement support. Aecon is the provider of all construction services, including project management, construction planning and execution. Site preparation and related work are currently under way and SMR construction is expected to reach completion in the fourth quarter of 2028.

The Darlington SMR will be a GE Hitachi BWRX-300 reactor, a new class of nuclear reactors that provide up to 300 megawatts of electric power -- enough to supply over 300,000 homes -- and have been designed to reduce construction costs compared with traditional nuclear generating stations.

"As the pre-eminent nuclear constructor in Canada, Aecon is proud to bring our proven, full spectrum of expertise to deliver this exciting new nuclear build -- leading the way in deploying the next-generation of plants and guaranteeing the production of clean, reliable and affordable electricity in Ontario," said Jean-Louis Servranckx, president and chief executive officer, Aecon Group. "Nuclear power and SMRs are integral to Aecon's growth strategy, and will play a significant role in advancing global progress towards achieving sustainability targets and a net-zero economy by 2050."

"This project provides an opportunity to utilize our unique multidisciplinary expertise across Aecon's diverse operating sectors to perform new nuclear construction work safely and with an unwavering commitment to quality, schedule and cost performance," said Thomas Clochard, executive vice-president, nuclear and civil, Aecon Group. "We look forward to working with our partners to deliver this project while strengthening our long-term relationship with OPG."

Aecon is also the leading constructor for the two largest nuclear refurbishment projects in Ontario, including the retube and feeder replacement project at the Darlington nuclear generating station, and the steam generator replacement, and fuel channel and feeder replacement projects at the Bruce nuclear generating station.

"Working with these three companies, OPG is leveraging decades of nuclear energy and large project experience to deliver much-needed new electricity generation to Ontarians," said Ken Hartwick, president and chief executive officer, OPG. "Electricity produced by the Darlington SMR will help ensure we meet Ontario's growing energy needs as electrification and a growing economy drive demand."

About Aecon Group Inc.

As a Canadian leader in construction and infrastructure development with global expertise, Aecon Group strives to be the No. 1 Canadian infrastructure company and is proud to be recognized as one of the best employers and best 50 corporate citizens in Canada. Aecon safely, profitably and sustainably delivers integrated solutions to private- and public-sector clients through its construction segment in the civil, urban transportation, nuclear, utility and industrial sectors, and provides project development, financing, investment and management services through its concessions segment.

We seek Safe Harbor.