Aecon teams awarded contracts with aggregate value of $3 billion for the Pickering Nuclear Generating Station Refurbishment

TORONTO, Sept. 21, 2026 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) (“Aecon”) announced today that its joint venture with AtkinsRéalis and consortium with Siemens Energy have been awarded contracts by Ontario Power Generation (“OPG”) for the Pickering Nuclear Generating Station Refurbishment Project with an aggregate value of $3 billion. This builds on completion of previously awarded contracts for early work ahead of the project. Aecon’s $1.75 billion share of the contracts will be added to its Construction segment backlog in the third quarter of 2026.

Aecon will provide critical construction and major component replacement execution services for the refurbishment project and is playing a vital role in delivering the two major scopes of work that will support the long-term operation of the Pickering Nuclear Generating Station and Ontario's growing clean energy needs.

Prerequisite work ahead of the Pickering Refurbishment Project has begun, with project execution expected to begin in January 2027, pending regulatory approval.

Retube, Feeder and Boiler Replacement 

Aecon’s long-standing 50/50 joint venture with AtkinsRéalis has been awarded a $1.7 billion contract for the Unit 5 Retube, Feeder and Boiler Replacement (“RFBR”) project. The contract represents the first RFBR unit in the broader refurbishment project, with similar work anticipated on Units 6, 7 and 8 in subsequent phases, pending regulatory approval. The RFBR scope of work is a critical component of the Pickering Refurbishment project and includes the replacement of steam generators, fuel channels and feeders, helping extend the operating life of the generating station and supporting Ontario's growing demand for reliable, emissions-free electricity.

Turbine Generator Replacement

A consortium between Aecon and Siemens Energy has been awarded a $1.3 billion contract for the Turbine Generator Replacement (“TGR”) project. Under this contract, Aecon holds a majority interest in the consortium and will provide construction services and material procurement. The TGR scope includes installation of 14 new steam turbine rotors, the overhaul of four generators (including stator rewinds), as well as the delivery of new auxiliary systems, and a control and monitoring system.

Both projects are currently nearing completion of collaborative development work, with further prerequisite work expected to start this month.

"Advancing the Pickering Nuclear Refurbishment Project is another significant milestone in Ontario's clean energy future and further demonstrates the strength of Aecon's comprehensive nuclear construction expertise," said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. "Building on decades of experience successfully delivering the largest and most complex nuclear projects across North America, our teams are proud to support OPG in extending the life of this important nuclear generating station while helping ensure a reliable supply of low-carbon electricity for Ontario."

The Pickering Refurbishment will leverage the expertise of hundreds of Aecon's skilled nuclear and union workers, an extensive Canadian supply chain and fabrication network, and proven project delivery capabilities developed through our decades of work across Canada's nuclear industry.

"As Canada’s nuclear constructor, Aecon's involvement in both major scopes of work highlights our unique ability to deliver complex nuclear infrastructure projects through collaborative delivery models with our trusted partners," said Aaron Johnson, Senior Vice President, Nuclear, Aecon Group Inc. "Aecon played a key role in safely completing the Darlington Refurbishment ahead of schedule and under budget, and we are applying the lessons learned, best practices and proven execution strategies from that project to support the successful delivery of the Pickering refurbishment.”

Through its leading role on the Pickering Refurbishment, Darlington Refurbishment and Bruce Power Major Component Replacement program, Aecon has been integral in delivering the largest nuclear refurbishment projects completed or underway in North America. Aecon is also helping deliver the G7’s first commercial grid-scale Small Modular Reactor through the Darlington New Nuclear Project.

Further information about the project is available on OPG’s website.

About Aecon 

Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon 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, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.

For further information:

Adam Borgatti 
SVP, Corporate Development and Investor Relations 
416-297-2600 
ir@aecon.com 

Nicole Court 
Vice President, Corporate Affairs and Communications 
416-297-2600 
corpaffairs@aecon.com 

Statement on Forward-Looking Information 

The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: the expected scope, execution and delivery of the RFBR and TGR projects; the anticipated commencement and timelines of the RFBR and TGR projects and their respective phases; the anticipated role of the projects in supporting Ontario's growing demand for emissions-free electricity; and the expected expansion of Aecon's role in delivering major nuclear refurbishment and critical energy infrastructure across Canada. Forward-looking statements may in some cases be identified by words such as “may,” “will,” “expects,” “target,” “future,” “plans,” “believes,” “anticipates,” “estimates,” “projects,” “intends,” “should” or the negative of these terms, or similar expressions.  

In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to, the risk of not being able to meet contractual schedules and other performance requirements; the risks associated with a third party's, including Aecon's joint venture and consortium partners, client and suppliers, failure to perform; the risk of not being able to meet its labour needs at reasonable costs; the risk of not being able to address any supply chain issues that may arise; the risks associated with a dynamic geopolitical environment; the risks associated with announced or threatened tariffs on operations; the risk of higher fuel costs and the impact therefrom on material costs and/or reduced availability, changes in the demand for Aecon's services, as well as delays in project timelines; the risk of not being able to finalize, renew or execute future project scopes and contracts; the risk of not being able to obtain or maintain required permits, approvals, nuclear site access or operational authorizations; the risk of delays relating to construction, procurement, labour availability, specialized equipment mobilization or supply chain constraints; the risk that anticipated project milestones, commencement dates or completion dates are not achieved as scheduled; the risk that anticipated backlog additions, revenues and project benefits are not realized as expected; the risk that the anticipated extension of the operating life of the generating station is not realized as expected; and the risk of not being able to execute the construction, commissioning and subsequent phases of the projects as anticipated. These forward-looking statements are based on a variety of factors and assumptions including but not limited to that: required approvals, funding, site access and project authorizations are obtained and maintained; project partners and other third parties perform their obligations; none of the risks identified above materialize; there are no unforeseen changes to economic and market conditions; and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While Aecon believes that such third-party sources are reliable sources of information, Aecon has not independently verified the information. Aecon has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources. 

Risk factors are discussed in greater detail in Section 13 - "Risk Factors" in Aecon's 2025 Management's Discussion and Analysis for the fiscal year ended December 31, 2025 and Aecon's Management's Discussion and Analysis for the fiscal quarter ended June 30, 2026, each filed on SEDAR+ (www.sedarplus.ca). Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.