Exciting News for Aecon Group Inc. and AtkinsRéalis

Joint Venture Awarded Contract for Pickering Nuclear Generating Station

TORONTO, Jan. 23, 2025 (GLOBE NEWSWIRE) — Aecon Group Inc. (TSX: ARE) (“Aecon” or the “Company”) announced today that a joint venture between Aecon and AtkinsRéalis has been awarded a collaborative contract by Ontario Power Generation (“OPG”) which includes the definition phase work for the retube, feeder and boiler replacement of Units 5, 6, 7 and 8 at the Pickering Nuclear Generating Station in Ontario. Aecon holds a 50% interest in the joint venture and its share of the approximately $1.1 billion early works portion of the contract was added to its Construction segment backlog in the fourth quarter of 2024.

This joint venture between Aecon and AtkinsRéalis marks a significant milestone for both companies as they embark on this major project at the Pickering Nuclear Generating Station. With Aecon’s expertise in construction and AtkinsRéalis’s experience in engineering, this collaboration is set to deliver exceptional results for OPG.

The award of this contract not only highlights the capabilities of Aecon and AtkinsRéalis but also underscores the trust that OPG has placed in these two companies to carry out such critical work at the Pickering facility. The retube, feeder, and boiler replacement of Units 5, 6, 7, and 8 is a complex and essential task that will ensure the continued operation and safety of the nuclear station.

As Aecon adds its share of the contract value to its Construction segment backlog, it solidifies its position as a key player in the infrastructure and construction industry in Canada. The $1.1 billion early works portion of the contract speaks to the scale and importance of the project, further showcasing Aecon’s ability to take on large and impactful projects.

Impact on Individuals

For individuals living in Ontario, the contract awarded to the joint venture between Aecon and AtkinsRéalis for the Pickering Nuclear Generating Station will have a direct impact on ensuring the safety and efficiency of the facility. The work being carried out on Units 5, 6, 7, and 8 is crucial for maintaining the operation of the station and providing clean energy to the province.

Global Impact

From a global perspective, the collaborative contract awarded to Aecon and AtkinsRéalis by OPG for the Pickering Nuclear Generating Station demonstrates Canada’s commitment to nuclear energy and the importance of investing in the maintenance and improvement of existing facilities. This project will not only benefit the local community but also contribute to the overall sustainability and reliability of nuclear power generation worldwide.

Conclusion

The joint venture between Aecon and AtkinsRéalis for the Pickering Nuclear Generating Station contract marks a significant achievement for both companies and underlines the trust placed in them by OPG. This project will have a positive impact on individuals in Ontario, ensuring the continued operation of the facility, and will also contribute to the global efforts towards sustainable and reliable nuclear power generation.