Brookfield, Cameco team with US government for AP1000 deployment

The companies have entered into a binding term sheet with the US Department of Commerce to establish the partnership, which they say is expected to accelerate the global deployment of Westinghouse's nuclear reactor technologies and reinvigorate supply chains and the nuclear power industrial base in the USA and abroad. Brookfield and Cameco acquired Westinghouse in November 2023.

Howard Lutnick, Secretary for the US Department of Commerce, said the partnership supports US national security objectives and enhances its critical infrastructure. "Together with Westinghouse we will unleash American energy. This partnership embodies the bold vision of President Trump - to rebuild our energy sovereignty, create high-paying jobs, and drive America to the forefront of the nuclear renaissance," he said.

US Energy Secretary Chris Wright said the "historic partnership with America’s leading nuclear company" would "help unleash President Trump’s grand vision to fully energize America and win the global AI race. President Trump promised a renaissance of nuclear power, and now he is delivering."

Connor Teskey, President of Brookfield Asset Management, said Brookfield currently has more than half a trillion dollars invested in the critical infrastructure that underpins the US economy, and expect to double that investment in the next decade as the "infrastructure backbone of artificial intelligence" is built. "This partnership with the US Government will help unlock the potential that Westinghouse and nuclear energy can play to accelerate the growth of artificial intelligence in the United States, while meeting growing electricity demand and energy security needs at scale," he said.

The agreement provides for the US Government to arrange financing and facilitate the permitting and approvals for new Westinghouse nuclear reactors to be built in the USA, with an aggregate investment value of at least USD80 billion, including near-term financing of long lead time items. Upon closing of the transaction, and with financing facilitated by the US Government, Westinghouse "plans to commence project execution and initiate orders for critical equipment with long lead times, which is expected to leverage the nuclear industry supply chains that were established during the construction of Vogtle units 3 and 4," Cameco and Brookfield said.

Under the partnership agreement, the US Government will be entitled to receive 20% of any cash distributions in excess of USD17.5 billion made by Westinghouse - once the government has made a final investment decision and entered into definitive agreements to complete the construction of new Westinghouse nuclear reactors in the USA with an aggregate value of at least USD80 billion.

"We are pleased to see the US government make this commitment to expanding nuclear power capacity using Westinghouse's proven technology. We expect that our highly successful partnership with Brookfield as owners of Westinghouse will be further strengthened through this strategic collaboration with the US Government," Cameco CEO Tim Gitzel said.

"At the centre of this new partnership is value creation. When coupled with the 23 May 2025 Executive Orders, we believe the US Government's participation in the partnership creates the right incentives to deploy its full suite of tools behind the construction of Westinghouse reactors, including financial, regulatory, policy and diplomatic support. That support is expected to drive additional value for the partnership and the many stakeholders who are expected to benefit from enhanced energy, national and climate security around the world.

“We expect that the new build commitments from the US will bolster broader confidence in the durable growth profile for nuclear power, and support increased demand for Westinghouse’s and Cameco’s products, services and technologies."