nuclear-news

“Pure-play” clean-energy” Brookfield Renewable Partners goes dirty as it partners with Cameco and the nuclear industry

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. 

Westinghouse Electric, a US nuclear power company, is being bought by a
private equity-backed consortium in a $7.9bn deal four years after it
emerged from bankruptcy, as the war in Ukraine spurs fresh interest in an
industry that had fallen out of investor favour.

Brookfield Renewable Partners, one of the world’s largest clean energy investors, and Cameco,
a supplier of uranium fuel, are buying the company in a bet that climate
and energy security concerns will revive the nuclear sector’s fortunes.

They will purchase the group, which makes technology used in about half the
world’s roughly 440 nuclear reactors, from a separate division of
Brookfield Asset Management that runs its private equity investments. The
sale of Westinghouse represents a large windfall for Brookfield’s private
equity business. It invested $1bn in equity to acquire Westinghouse after
Toshiba, its former owner, put it into bankruptcy in 2017 amid large cost
overruns at projects in Georgia and South Carolina. It will receive roughly
$5.5bn through the sale and dividends.

 FT 11th Oct 2022

https://www.ft.com/content/46df2aa9-0963-47a6-881c-f715a18a8527

October 12, 2022 - Posted by Christina Macpherson | business and costs, spinbuster, USA