The war in Ukraine renews investors’ interest in nuclear energy.
American nuclear power company Westinghouse Electric is being bought by a consortium of private investors in a $7.9B deal. According to the FT, one of the world’s largest clean energy investors, Brookfield Renewable Partners, and uranium fuel supplier Cameco will buy Westinghouse, betting that climate and energy security issues will revive the nuclear industry. Brookfield Renewable Partners will acquire 51% of Westinghouse for $2.3B, and Cameco will acquire 49% of the company for $2.2B. Including $3.4 billion in existing debt held on Westinghouse’s balance sheet, the buyers will pay $7.9B for the company. After the sale, part of the company will be owned by the Brookfield Transition Fund, headed by former Bank of England chief Mark Carney.