US, Brookfield and Cameco Strike US$80 Billion Nuclear Reactor Deal

The US government has entered into an US$80 billion partnership with Brookfield Asset Management (TSX:BAM,NYSE:BAM) and Cameco (TSX:CCO,NYSE:CCJ) to construct new Westinghouse nuclear reactors.

The initiative aims to accelerate the revival of the US nuclear industry, while powering the rapid expansion of artificial intelligence (AI) infrastructure, in line with President Donald Trump’s May executive orders.

Under the agreement, the US government will arrange financing and streamline permitting for the new Westinghouse reactors, which will serve as the backbone of America’s next generation of clean and reliable baseload power.

In return, the US government will receive a participation interest that entitles it to 20 percent of future cash distributions made by Westinghouse once the company's profits exceed US$17.5 billion.

The deal also allows Washington to convert that interest into an equity stake of up to 20 percent and to require an initial public offering of Westinghouse by 2029, should its valuation surpass US$30 billion.

“Our administration is focused on ensuring the rapid development, deployment, and use of advanced nuclear technologies,” said Howard Lutnick, US Secretary of Commerce, in a joint press release.

US Secretary of Energy Chris Wright echoed the sentiment, saying the collaboration will “help unleash President Trump’s grand vision to fully energize America and win the global AI race.”

For Brookfield and Cameco, the move solidifies their investment in Westinghouse, which they jointly acquired in 2023. Brookfield first took over Westinghouse in 2018, executing a turnaround that repositioned the company. The firms now expect the US deal to expand their global market reach while reinforcing North American energy independence.

The projects will rely on Westinghouse’s AP1000 reactor design, which the company calls the most advanced and compact reactor on the market, featuring passive safety systems and modular construction.

Six AP1000 reactors are already operating globally, with 14 under construction and several more under contract in countries such as Poland, Ukraine and Bulgaria.

The deal comes as part of the Trump administration’s ongoing push to boost advanced energy manufacturing and strengthen ties with allied nations in the Indo-Pacific. During a trip to Tokyo, Trump announced that Japan will provide up to US$332 billion in infrastructure support for US projects, including the Westinghouse and small modular reactors.

The projects are also expected to create tens of thousands of jobs and support the country’s growing energy demands, including those driven by large-scale data centers.

The most recent Westinghouse reactors built at Georgia’s Vogtle site — completed in 2023 and 2024 — ran about seven years behind schedule and cost roughly US$35 billion, more than double initial estimates.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.