CRANBERRY TOWNSHIP, Pa.–(BUSINESS WIRE)–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.
Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear and other clean power technologies to utilities globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world’s operating nuclear plants. Over 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook, LinkedIn and Twitter.
Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 24,000 MW of installed capacity and an approximately 100,000 MW development pipeline. Investors can access its portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Further information is available at www.bep.brookfield.com and https://bep.brookfield.com/bepc. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.
