Brookfield, Nuclear Company to form joint venture for nuclear power

May 4 (Reuters) - Investment firm Brookfield BAM.N and The Nuclear Company said on Monday they will form a joint venture to develop nuclear projects using U.S. company Westinghouse's reactor technology, as demand for low-carbon power rises globally.

The new company will combine Brookfield's asset management and energy infrastructure development with The Nuclear Company's "nuclear project delivery capabilities," they said. This includes project management, licensing support and oversight of engineering, procurement, construction and commissioning for Westinghouse AP1000 and AP300 reactors.

The partnership comes as investors and governments seek to revive nuclear power as a stable, emissions‑free energy source amid rising electricity demand from data centres and electrification.

The U.S. government last year inked a partnership with the Canadian owners of Westinghouse Electric that aims to build at least $80 billion in nuclear reactors.

Brookfield and The Nuclear Company said they expect to move toward definitive agreements in the coming months, subject to regulatory approvals.

As part of the deal, Brookfield has appointed the new venture as project manager for the proposed restart of the partially built V.C. Summer Units 2 and 3 in South Carolina.