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Cameco to sell stake in Bruce Power nuclear partnership to Borealis for $450M

Saskatoon-based Cameco Inc. is selling its share of the Bruce Power nuclear partnership to Borealis Infrastructure, which is owned by one of the province's biggest public-sector pension systems. Devin Sauer / Global News

TORONTO – Saskatoon-based Cameco Inc. is selling its share of the Bruce Power nuclear partnership in southwestern Ontario to Borealis Infrastructure.

Borealis will pay $450 million for Cameco’s portion and become the majority partner with 56.1 per cent ownership of Bruce Power.

Bruce Power operates four of the eight nuclear reactors at a complex in Tiverton, Ont., which is one of Ontario’s biggest sources of electricity.

Cameco Corp. is primarily a uranium mining company but has been a partner in the Bruce nuclear facility for many years.

Cameco says the time is right to sell its share of the power generation partnership and invest the money in its core uranium business.

Borealis Infrastructure is an arm of OMERS, the Ontario Municipal Employee Retirement System, and already a partner in Bruce Power.

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