Cameco and Brookfield sign deal with U.S. government to help build reactors

SASKATOON — Cameco Corp. and Brookfield Asset Management Ltd. have signed a partnership agreement with the U.S. government to help build nuclear reactors in the United States.

Under the deal, the U.S. government will arrange financing and facilitate the permitting and approvals for at least US$80 billion worth of new Westinghouse nuclear reactors in the U.S.

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Brookfield and Cameco acquired Westinghouse in November 2023.

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 US$17.5 billion 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 US$80 billion in new Westinghouse nuclear reactors in the U.S.

The U.S. government will also be entitled under certain circumstances to convert the participation interest into a warrant to buy shares in an initial public offering by Westinghouse equivalent to 20 per cent of the public value of the company at the time after deducting US$17.5 billion.

This report by The Canadian Press was first published Oct. 28, 2025.

Companies in this story: (TSX:CCO, TSX:BAM, TSX:BN)

The Canadian Press