""We expect that the new build commitments from the U.S. 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," Cameco chief executive Tim Gitzel said in a statement. "This new partnership highlights the role that Westinghouse's reactor technologies, based on fully designed, licensed and operating reactors, are expected to play in the planned expansion of nuclear capacity and diversification of global nuclear supply chains.""
"The partnership agreement will see the U.S. government receive a participation interest, which, once vested, will entitle it to 20 per cent of any cash distributions in excess of $17.5 billion US made by Westinghouse after its granting. For the participation interest to vest, the U.S. government must make a final investment decision and enter into definitive agreements to complete the construction of at least $80 billion US in new Westinghouse nuclear reactors in the U.S."
"Cameco shares were up $25.36 at $146.62 in trading on the Toronto Stock Exchange, while Brookfield Asset Management class A shares gained $1.50 at $77.91. U.S. Commerce Secretary Howard Lutnick said the government is focused on ensuring the rapid development, deployment and use of advanced nuclear technologies. "This historic partnership supports our national security objectives and enhances our critical infrastructure," he said in a statement."
Brookfield Asset Management and Cameco partnered with the U.S. government to facilitate building at least $80 billion US in new Westinghouse nuclear reactors through financing, permitting and approvals. Brookfield and Cameco acquired Westinghouse in November 2023. The U.S. government will receive a participation interest that, once vested, entitles it to 20 per cent of cash distributions above $17.5 billion US from Westinghouse. Vesting requires a final investment decision and definitive agreements to complete at least $80 billion US in reactor construction. The partnership aims to accelerate advanced nuclear deployment and supports national security and critical infrastructure objectives. Shares of Cameco and Brookfield rose on the announcement.
Read at www.cbc.ca
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