Ontario Power Generation has signed a deal with a municipality east of Toronto to build a new, large nuclear reactor.

Energy Minister Stephen Lecce says the proposed nuclear project in Port Hope, Ont., would create 1,700 jobs locally and more than 10,000 jobs across the province.

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The OPG submitted its initial project description on Jan. 12 to the Impact Assessment Agency of Canada for approval.

Lecce says the agreement with Port Hope is a critical step in the creation of the world’s largest nuclear station that would power up to 10 million homes.

Port Hope Mayor Olena Hankivsky says the agreement will help achieve long-term economic growth in the region.

The province has been betting big on nuclear, recently completing a refurbishment at nearby Darlington that cost $12.8 billion, as well as building four small modular reactors at the same site and exploring a new, large-scale plant at Bruce Power in Tiverton, Ont.