Published: November 6, 2025 |

[Click image to enlarge]

[Click image to enlarge]

[Click image to enlarge]

Cameco, Brookfield Asset Management, and Westinghouse Electric have entered into a binding term sheet with the United States Department of Commerce to establish a strategic partnership, which is expected to accelerate the global deployment of Westinghouse Electric Company’s nuclear reactor technologies and reinvigorate supply chains and the nuclear power industrial base in the U.S. and abroad.

At the center of the new strategic partnership, at least $80 billion of new reactors will be constructed across the United States using Westinghouse nuclear reactor technology. These new reactors will reinvigorate the nuclear power industrial base.

The agreement provides for the U.S. Government to arrange financing and facilitate the permitting and approvals for new Westinghouse nuclear reactors to be built in the U.S., with an aggregate investment value of at least $80 billion, including near-term financing of long lead time items. Once constructed, the reactors are expected to generate reliable and secure power for the American grid, including powering significant data center and compute capacity to drive growth in artificial intelligence in the United States.

“We are pleased to see the U.S. 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 U.S. Government,” said Tim Gitzel, CEO of Cameco.

“At the center of this new partnership is value creation. When coupled with the May 23, 2025 executive order, Reinvigorating the Nuclear Industrial Base, we believe the U.S. 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,” added Gitzel.

“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. 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. Cameco remains well positioned as a secure and reliable supplier that can fuel the long-term reliable operation of Westinghouse’s technology in the U.S. and globally,” concluded Gitzel.

The launch of a nuclear power plant construction program is expected to accelerate growth in Westinghouse’s energy systems segment during the construction phase, along with its core fuel fabrication and reactor services business for the life of the reactors. Upon closing of the transaction and with financing facilitated by the U.S. 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.

“This partnership with the U.S. 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,” said Connor Teskey, president of Brookfield Asset Management.

“Brookfield has more than half a trillion dollars invested in the critical infrastructure that underpins the U.S. economy, and we expect to double that investment in the next decade as we deliver on building the infrastructure backbone of artificial intelligence,” added Teskey.

PARTNERSHIP STRUCTURE

Under the new strategic partnership, the U.S. Government will be granted a participation interest, which, once vested, will entitle it to receive 20 percent of any cash distributions in excess of $17.5 billion made by Westinghouse after the granting of the participation interest. 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 new Westinghouse nuclear reactors in the U.S. with an aggregate value of at least $80 billion.

Brookfield and Cameco acquired Westinghouse in November 2023. The partnership brought together Cameco’s expertise in the nuclear fuel supply chain with Brookfield’s recognized position as one of the world’s largest investors in energy generation technologies.

“This historic partnership with America’s leading nuclear company will 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,” said Chris Wright, Secretary for the United States Department of Energy.

“Our administration 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. 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,” said Howard Lutnick, Secretary for the United States Department of Commerce.

The expectation is that the U.S. Government, Brookfield, Cameco and Westinghouse will negotiate and enter into definitive agreements replacing the binding term sheet, but, in the event such agreements are not reached, the term sheet will remain effective.

The transactions are subject to obtaining required regulatory approvals and the satisfaction of other customary conditions.

Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Their competitive position is based on them controlling ownership of the world’s largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Their head office is in Saskatoon, Saskatchewan, Canada.

Brookfield Asset Management is a leading global alternative asset manager, headquartered in New York, with more than $1 trillion of assets under management across infrastructure, renewable power and transition, private equity, real estate, and credit. They invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. They offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. They draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for clients, across economic cycles.

Westinghouse Electric Company is the future of energy, providing reliable, innovative nuclear technologies and services globally. Westinghouse pioneered commercial nuclear power, delivering the world’s first commercial pressurized water reactor in 1957. The company has industrialized more nuclear reactors than any other company, with its technology forming the basis of half of the world’s operating nuclear plants. More than 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle.

Be in-the-know when you’re on-the-go!

CLICK HERE to register your email address.

Copyright © 2025 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

For licensing permission, .(JavaScript must be enabled to view this email address)