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Cameco and Brookfield Renewable acquiring Westinghouse Electric in $7.9-billion deal

Cameco and Brookfield Renewable form strategic partnership to acquire Westinghouse Electric Company. File / Global News

Cameco and Brookfield Renewable partners say they are acquiring nuclear power plant equipment maker Westinghouse Electric Company in a $7.9-billion deal. Westinghouse is one of the world’s largest nuclear services businesses.

Headquartered in Saskatoon, Cameco is one of the largest global suppliers of uranium fuel for nuclear energy, with extensive uranium and milling operations while Brookfield Renewable is among the world’s largest investors in clean energy and transition assets, with approximately 125,000 megawatts of operation and development capacity worldwide.

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The deal, announced Tuesday, comes at a time when nuclear power is seeing an uptick in interest amid an energy crisis and soaring crude oil and natural gas prices.

Nuclear power is also key for countries to meet global net-zero carbon emission goals.

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Tim Gitzel, president and CEO of Cameco, said, “We’re witnessing some of the best market fundamentals we’ve ever seen in the nuclear energy sector. As one of the few forms of electricity generation capable of safely, reliably, and affordably producing emissions-free, baseload power, nuclear energy is becoming increasingly important in a world that prioritizes electrification, decarbonization and energy security.

We really believe that this is going to open markets for us in Eastern Europe.”

Gitzel explains that this will be a great opportunity for Saskatchewan by creating more jobs in the uranium industry.

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“Partnering with Cameco brings deep nuclear sector expertise, alongside our knowledge of energy markets and global customer base, to form a formidable champion for nuclear power,” said Connor Teskey, CEO of Brookfield Renewable in Toronto. “We see significant potential to grow the business and deliver on broader growth in the nuclear power sector through our strategic partnership with Cameco.”

Cameco will own 49 per cent Westinghouse, while Brookfield Renewable and institutional partners will own the rest.

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