October 15, 2022 – Cameco Corp. and Brookfield Renewable Partners (along with its institutional partners) are forming a strategic partnership to acquire Westinghouse Electric Co., a global nuclear services business.

“We’re witnessing some of the best market fundamentals we’ve ever seen in the nuclear energy sector,” said Tim Gitzel, Cameco president & CEO, adding that “nuclear energy is becoming increasingly important in a world that prioritizes electrification, decarbonization and energy security.”

Brookfield (and partners) will own a 51% interest in Westinghouse and Cameco will own 49%. The total enterprise value for Westinghouse is $7.875 billion.

“Every credible net‐zero pathway relies on significant growth in nuclear power,” said Mark Carney, Brookfield vice-chair and head, Transition Investing. “It is an essential, reliable zero-carbon technology that directly displaces fossil fuels and supports the growth of renewables by providing critical baseload to our grids.”

The partnership identifies several major trends that are expected to benefit the acquisition of Westinghouse, including:

• Critical transition technology. Driven by electrification, decarbonization and energy security benefits, an estimated 400 GW of additional nuclear capacity will be needed by 2050.

• Accelerating growth plans. Nuclear power is experiencing a resurgence around the world, with more than 20 countries across the Americas, Europe, the Middle East and Asia pursuing new projects or plant extensions. More than 50 GW of plant extensions have been announced to date and more than 60 GW of new‐build reactors are expected between 2020 and 2040.

• Energy security. Energy supply chains are coming under stress as a result of geopolitical uncertainty. In the short term, the transaction provides the opportunity to win new business supporting dozens of nuclear facilities across Eastern European countries traditionally served by Russia. In the medium term, demand for stable supply of nuclear fuel and technology is expected to grow substantially.

• Technology advancements: There are multi‐decade growth opportunities in the rollout of next‐generation advanced nuclear technology and long‐term nuclear energy storage solutions. Modular baseload generation, such as Westinghouse’s eVinci micro‐reactor technology (below), can play a growing role in an increasingly decentralized and decarbonized energy system.

Brookfield Renewable is a global investor in clean energy and transition assets, with about 125,000 MW of operating and development capacity worldwide. Cameco, meantime, is a global supplier of uranium fuel for nuclear energy, with uranium mining and milling operations, as well as refining and conversion facilities and CANDU fuel fabrication for heavy water reactors.