A consortium of Cameco and Brookfield Renewable, together with its institutional partners, has signed an agreement to acquire Westinghouse Electric Company from Brookfield Business Partners.

This transaction brings Westinghouse’s clean power technologies under Brookfield Renewable’s hydroelectric, wind, solar, energy storage and distributed generation portfolio, and alongside Cameco’s experience in front-end uranium fuel capabilities. This is expected to strengthen Westinghouse’s presence in nuclear technology globally and provide a long-term path for the company’s strategic growth.

After effecting the transaction, Brookfield Renewable and other affiliates of Brookfield Asset Management Inc. will own a 51 % interest in Westinghouse and Cameco will own 49 %. Brookfield Renewable is pursuing this opportunity through the Brookfield Global Transition Fund I (“BGTF I”), which is reputedly the largest fund in the world focused on the clean energy transition.

The acquisition is expected to close in the second half of 2023, subject to customary closing conditions and approvals.