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

– Aecon’s $1.75 billion share of contracts added to third quarter 2026 backlog –

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.

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

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.

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.”