Brookfield Renewable, Cameco and institutional partners agree to acquire Westinghouse Electric, a company that has more of a century of history in the U.S. electricity market.
Westinghouse Electric, the company that Nikola Tesla went to work for in 1888, now focuses on providing nuclear and other clean power technologies to utilities around the globe. Cameco, headquartered in Saskatoon, Saskatchewan, is one of the largest global providers of uranium fuel and reports that it has a controlling ownership of the world’s largest high-grade reserves and low-cost operations..
Brookfield Renewable operates one of the world’s largest publicly traded renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 240 GW of installed capacity and an approximately 100 GW development pipeline. The company recently announced that it was acquiring Standard Solar for $540 million with the potential to invest an additional $160 million to support the business’ growth initiatives. The company has also agreed to acquire Scout Clean Energy for $1 billion with the potential to invest an additional $350 million to support the business’ development activities.
This recent transaction brings Westinghouse’s clean power technologies under Brookfield Renewable’s 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.
The acquisition of Westinghouse Electric, expected to close in the second half of 2023, adds more clean power technologies to Brookfield Renewable’s portfolio. With Cameco’s expertise in front-end uranium fuel capabilities, this combined acquisition is intended to strengthen Westinghouse’s presence in nuclear technology.
“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.”
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