Global investment firm Brookfield and The Nuclear Company, a nuclear project development company, have entered into partnership to form a new company specialising in the development of Westinghouse nuclear reactor technology. The partnership’s ambition is ‘to establish a world-leading nuclear project execution company’.
The new business will offer execution capabilities for the deployment of nuclear projects based exclusively on Westinghouse reactor technology, including AP1000 and AP300, in addition to end-to-end project management, licensing support, and oversight of engineering, procurement, construction and commissioning activity. The parties expect to progress toward definitive documentation in the coming months, subject to customary approvals and conditions.
As part of efforts potentially to develop two partially constructed AP1000 units near Jenkinsville, Brookfield has selected the new company as the project manager for the Fairfield County nuclear project, formally known as V.C. Summer Nuclear Units 2 and 3. The new company will support due diligence activity for the project and oversee the delivery should it move forward to final investment decision. Development of the project remains subject to further evaluation and regulatory approvals.
“This joint venture reflects Brookfield’s disciplined approach to large-scale infrastructure investment and focus on partnering” said Wyatt Hartley, managing partner, Brookfield. “… we believe this platform has the potential to accelerate the American nuclear resurgence, building on the momentum of the Westinghouse partnership with the US government.”
