Subscribe

  • How Can We Help You?

    Global Problem Solving from Covington: Deal with Complex Problems Anywhere in the World

Covington Represents Cameco in the United States and Republic of Korea Framework for the Deployment of Nuclear Power

Press Release

  • News and Insights
  • Covington Represents Cameco in the United States and Republic of Korea Framework for the Deployment of Nuclear Power

NEW YORK—The United States of America and the Republic of Korea, under a previously entered Memorandum of Understanding, announced a framework that anticipates the investment by Korea of $120 billion to help finance the buildout of Westinghouse reactor technology in the United States using expertise and companies from both nations (the “Framework”). Covington advised Cameco, a 49% owner of Westinghouse, on the transaction.

The Framework contemplates the construction of up to eight large nuclear reactors in the United States, including six Westinghouse AP1000® reactors and up to two Korean APR1400 reactors that are built on Westinghouse technology. If successfully concluded, both technologies are expected to be deployed on federal sites designated by the United States, beginning with the deployment of two AP1000 reactors, contributing to the expansion of clean, reliable, and domestically produced nuclear energy generation capacity.

The Framework also includes a potential equity investment by Korea in Westinghouse.

The Covington team included J. D. Weinberg, Patrick Manchester, Kerry Burke, Ansgar Simon, Nikhil Gore, Mike Wagner, David Fagan, James Marshall, Charlie Dobb, and Julian Wright.

Share links:

Share links:

Related Professionals

Related Practices

Related Industries

Related Offices

Related Regions

Related News & Insights