Aecon Group Inc. (TSX: ARE) announced on September 21, 2026 that its joint venture with AtkinsRéalis and its consortium with Siemens Energy have been awarded contracts totalling $3 billion by Ontario Power Generation for the Pickering Nuclear Generating Station Refurbishment Project. Aecon's share of $1.75 billion will be recorded in its Construction segment backlog during the third quarter of 2026. The awards span two distinct scopes — reactor component replacement and turbine generator work — positioning Aecon as a central contractor in one of Ontario's largest clean energy infrastructure undertakings.

Key Points

  • Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company operating across civil, nuclear, utility, and industrial sectors.
  • Contracts totalling $3 billion awarded by Ontario Power Generation for the Pickering Nuclear Generating Station Refurbishment Project.
  • Aecon's $1.75 billion share added to Construction segment backlog in Q3 2026; project execution expected to begin January 2027, pending regulatory approval.
  • Similar refurbishment work on Units 6, 7, and 8 is anticipated in subsequent phases, pending regulatory approval, as disclosed in the announcement.

Retube, Feeder and Boiler Replacement Contract for Pickering Unit 5

Aecon's 50/50 joint venture with AtkinsRéalis has been awarded a $1.7 billion contract for the Unit 5 Retube, Feeder and Boiler Replacement project. The scope includes replacement of steam generators, fuel channels, and feeders on Unit 5 — work described in the release as a critical component of the broader refurbishment. This contract represents the first such unit in the multi-unit programme, with the announcement confirming that similar work on Units 6, 7, and 8 is anticipated in subsequent phases, subject to regulatory approval. The work is designed to extend the generating station's operating life and support Ontario's demand for emissions-free electricity.

Turbine Generator Replacement Scope Awarded to Aecon-Siemens Energy Consortium

A separate $1.3 billion contract was awarded to a consortium in which Aecon holds a majority interest alongside Siemens Energy. Under this agreement, Aecon will provide construction services and material procurement. The Turbine Generator Replacement scope covers installation of 14 new steam turbine rotors, the overhaul of four generators including stator rewinds, delivery of new auxiliary systems, and implementation of a control and monitoring system. Both the retube and turbine contracts are currently nearing completion of collaborative development work, with further prerequisite activity expected to begin in September 2026, the release states.

Aecon's Nuclear Construction Track Record Underpins Pickering Role

The announcement highlights Aecon's involvement in the Darlington Refurbishment, which the company states was completed ahead of schedule and under budget, as well as the Bruce Power Major Component Replacement programme. Aecon is also contributing to the Darlington New Nuclear Project, described in the release as the G7's first commercial grid-scale Small Modular Reactor. The Pickering Refurbishment will draw on hundreds of Aecon's skilled nuclear and union workers alongside a Canadian supply chain and fabrication network, according to the disclosure.