Reinforces Westinghouse Leadership in Global Clean Energy and Energy Security Transition
Cranberry Township, PA, October 11, 2022 – As announced earlier today, a consortium comprised of Cameco (NYSE: CCJ; TSX: CCO) and Brookfield Renewable (NYSE: BEP; TSX: BEP.UN, BEPC), together with its institutional partners, has signed an agreement to acquire Westinghouse Electric Company from Brookfield Business Partners (BBU).
This transaction brings Westinghouse’s best-in-class clean power technologies under Brookfield Renewable’s cutting-edge hydroelectric, wind, solar, energy storage and distributed generation portfolio, and alongside Cameco’s expertise in front-end uranium fuel capabilities. This will further strengthen Westinghouse’s presence in nuclear technology globally and provide a long-term path for the company’s strategic growth to the benefit of customers.
“This is the start of an exciting new chapter for the Westinghouse team and for nuclear power,” says Patrick Fragman, President and Chief Executive Officer of Westinghouse. “We are grateful to BBU for its stewardship and investments that have strengthened Westinghouse’s position in the nuclear power industry, and more broadly in the clean power world, for the long-term. Now we are proud to join Brookfield Renewable and Cameco, reaffirming the important role played by Westinghouse and nuclear power in enabling the world’s clean energy transition and energy security goals.”
After giving effect to the transaction, Brookfield Renewable and other affiliates of Brookfield Asset Management Inc. will own a 51 percent interest in Westinghouse and Cameco will own 49 percent. Brookfield Renewable is pursuing this opportunity through the Brookfield Global Transition Fund I (“BGTF I”), which is the largest fund in the world focused on the clean energy transition.
The acquisition of Westinghouse is expected to close in the second half of 2023, subject to customary closing conditions and approvals.