Brookfield Asset Management and Cameco have received a US$80-billion contract from the U.S. government to develop nuclear-power projects.

Brookfield and Cameco will develop the reactors through their subsidiary Westinghouse Electric Company. The contract comes after U.S. President Donald Trump issued an executive order in May calling for more nuclear assets.

“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.” 

The reactors will be constructed across the U.S. using Westinghouse’s new reactor technology. As a result of the agreement, nuclear-energy will be a central pillar of America’s program to maintain global leadership in nuclear-power development and AI, said Brookfield.

“Our administration is focused on ensuring the rapid development, deployment, and use of advanced nuclear technologies,” said U.S. Secretary of State Howard Lutnick. “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.” 

The partnership is designed to support the growth and future of the American nuclear-power industry and its supply chain. Each two-unit Westinghouse AP1000 project is expected to create or sustain 45,000 manufacturing and engineering jobs in 43 states, while a national deployment could generate more than 100,000 construction jobs. The program is expected to strengthen the United States’ position as a global nuclear powerhouse and expand exports of Westinghouse’s technology.

As part of the agreement, the new reactors will generate reliable and secure power for industrial use, including data centres and AI-driven compute capacity. Profit-sharing mechanisms will allow all parties, including the American public, to benefit once certain thresholds are met, aligning with the long-term growth of nuclear energy and AI investment in the U.S., according to Brookfield.

Westinghouse, whose technology underpins more than half of the world’s operating nuclear fleet, will deploy its AP1000 reactor design—the most advanced commercially available reactor, known for its passive safety systems and compact footprint. There are currently six AP1000 reactors operating worldwide, with 14 under construction and five more under contract.

Brookfield and Cameco jointly acquired Westinghouse in October 2022, combining Cameco’s nuclear expertise and Brookfield’s global infrastructure investment experience. Brookfield first acquired Westinghouse in 2018 and led its turnaround, positioning the company to capitalize on renewed global investment in nuclear power.

Saskatoon-based Cameco is one of the world’s largest uranium producers.

Photo: Westinghouse