Cameco buys stake in Brookfield nuclear company Westinghouse

Brookfield will house the investment in its Global Transition Fund I, led in part by former Bank of Canada governor Mark Carney. Brookfield Renewable will invest about US$750 million to own 17 per cent directly.

Cameco says it has available liquidity and committed financing, but also will be pursuing a “permanent financing mix” of cash, debt and equity so it can preserve its balance sheet. Brookfield Renewable is among the world’s largest investors in clean energy and transition assets. Saskatoon-based Cameco is one of the largest global suppliers of uranium fuel for nuclear energy, with extensive uranium mining and milling, refining and conversion facilities.

Brookfield Business Partners – the industrials and services business of Brookfield Asset Management – acquired the business in 2018. Brookfield Business Partners had Westinghouse refocus on core nuclear services, reduce its operating costs and pursue several acquisitions.

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