Borealis Infrastructure announced today it has signed definitive agreements with Cameco Corporation (“Cameco”) to acquire up to a 31.6% interest in Bruce Power B (“Bruce B") for $450 million. Bruce B operates four of the eight reactors at the world’s largest nuclear generating facility in Tiverton, Ontario. This sale will increase Borealis’ interest in Bruce Power to 56.1%. Other investors in Bruce Power, TransCanada Corporation, Power Workers' Union and Society of Energy Professionals, are considering whether to exercise their options related to additional ownership.
"We are very pleased to have the opportunity to increase our ownership in Bruce Power,” said Michael Rolland, President & CEO of Borealis. “Bruce Power is an investment that continues to fit with our long-term strategy to invest in core, large-scale and high-quality infrastructure assets. It also plays a critical role in meeting the supply needs of the province of Ontario.”
Bruce Power operates the world’s largest nuclear facility that generated 30% of Ontario’s electricity in 2013. Bruce Power is a key contributor to maintaining a reliable and affordable supply of electricity for Ontario families and businesses and is essential to meeting the province’s goal of phasing out coal-fired electricity.
The recently released Long Term Energy Plan (LTEP) commits to sustain Bruce Power’s role in Ontario’s energy future providing up to 6,300 megawatts of capacity. The focus now is to turn this policy position into action and Borealis is committed to supporting Bruce Power towards this goal.
Bruce Power is Canada’s largest public-private partnership. While the assets remain owned by the Province, Bruce Power safely operates the facility and provides low-cost electricity to Ontario families and businesses under contract with the Ontario Power Authority (OPA). All nuclear facilities in Canada, including Bruce Power, are federally regulated by the Canadian Nuclear Safety Commission (CNSC).