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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