TECHNOLOGY
Nuclear Deals
Nuclear — operating fleet uprates and asset transactions plus advanced reactor (SMR, Gen IV, fusion) deals as the new-build pipeline takes shape.
25
Tracked Deals
67.0 GW
Total Capacity
$69.64B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Jan 10, 2025 | Calpine Corporation — largest US power generator with ~26… Energy Capital Partners (ECP) consortium → Constellation Energy | 26.0 GW | $26.6B |
| Jun 11, 2025 | Susquehanna Nuclear PPA — 1,920 MW carbon-free electricit… Talen Energy → Amazon (AWS) | 1.9 GW | $18B |
| Nov 7, 2023 | Westinghouse Electric Company — global nuclear services, … Brookfield Business Partners + Saudi Public Investment Fund (PIF) → Cameco Corporation (49%) + Brookfield Asset Management/Brookfield Renewable (51%) | — | $7.875B (~$8.2B with working capital adj.) |
| Mar 1, 2024 | Energy Harbor — ~4,000 MW nuclear fleet + retail electric… Energy Harbor → Vistra Corp | 4.0 GW | $6.8B |
| Apr 6, 2026 | EnergySolutions (nuclear services — waste management, tra… TriArtisan Capital Advisors → Energy Capital Partners (ECP) | — | ~$2,000,000,000 |
| Nov 1, 2023 | 44% ownership stake in South Texas Project (STP) — 2,645 … NRG Energy → Constellation Energy | 1.1 GW | $1.75B ($1.4B effective after tax benefits) |
| Sep 20, 2024 | Crane Clean Energy Center (Three Mile Island Unit 1) — 83… Constellation Energy → Microsoft | 835 MW | $1.6B (investment) |
| Sep 30, 2024 | Palisades Nuclear Plant restart — 800 MW nuclear generati… Holtec Palisades LLC → DOE Loan Programs Office | 800 MW | $1.52B |
| Nov 18, 2025 | Crane Clean Energy Center — 835 MW nuclear reactor restar… Constellation Energy → DOE Loan Programs Office | 835 MW | $1B |
| Nov 24, 2025 | Xe-100 high-temperature gas-cooled SMR fleet (80 MW per m… X-Energy Reactor Company → Jane Street (lead), Ares Management funds, ARK Invest, Corner Capital, Emerson Collective | 11.5 GW | $700M (Series D) |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Microsoft | 3 | $2.60B |
| 2 | Amazon (AWS) | 2 | $18.65B |
| 3 | DOE Loan Programs Office | 2 | $2.52B |
| 4 | Meta | 2 | — |
| 5 | Constellation Energy | 2 | $28.35B |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Constellation Energy | 4 | $2.60B |
| 2 | TerraPower | 3 | $650M |
| 3 | Talen Energy | 2 | $18.65B |
| 4 | Kairos Power | 2 | — |
| 5 | X-Energy Reactor Company | 2 | $1.20B |
Top Lenders
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | DOE LPO (EIR Program) | 1 | $1.52B |
| 2 | DOE LPO (Energy Dominance Financing) | 1 | $1.00B |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Orrick | 1 |
| 2 | Latham & Watkins | 1 |
| 3 | Ropes & Gray | 1 |
| 4 | Kirkland & Ellis | 1 |
| 5 | Latham & Watkins LLP | 1 |
Technology Mix
Deal Type Mix
- Power Purchase & Offtake11
- Corporate M&A4
- Project & Portfolio M&A3
- Strategic & Growth Capital3
- Project Finance2
Activity by Year
Recent Deals
Latest 10- Apr 23, 2026
- EnergySolutions (nuclear services — waste management, transportation, process…Apr 6, 2026
Corporate M&A · UT · ~$2,000,000,000
- TerraPower Kemmerer Power Station Unit 1 — NRC issues first-ever construction…Mar 4, 2026
Regulatory & Permits · WY · 345 MW
- Xe-100 high-temperature gas-cooled SMR fleet (80 MW per module) — 144 modules…Nov 24, 2025
Strategic & Growth Capital · Multi-state · $700M (Series D) · 11,500 MW
- Crane Clean Energy Center — 835 MW nuclear reactor restart, Pennsylvania (for…Nov 18, 2025
Project Finance · PA · $1B · 835 MW
- Comanche Peak Nuclear Power Plant — 1,200 MW (existing nuclear baseload, Glen…Sep 29, 2025
Power Purchase & Offtake · TX · 1,200 MW
- Six future ENTRA1 SMR plants — 6 GW total (~72 NuScale 77-MW VOYGR modules)Sep 3, 2025
Power Purchase & Offtake · AL, GA, KY, MS, NC, TN, VA · 6,000 MW
- Hermes 2 advanced nuclear reactor — 50 MW at Oak Ridge, TennesseeAug 19, 2025
Power Purchase & Offtake · TN · 50 MW
- Natrium 345 MW Sodium-Cooled Fast Reactor — Kemmerer Power Station Unit 1, Wy…Jun 18, 2025
Strategic & Growth Capital · WY · $650M · 345 MW
- Susquehanna Nuclear PPA — 1,920 MW carbon-free electricity from 2.5 GW Susque…Jun 11, 2025
Power Purchase & Offtake · PA · $18B · 1,920 MW
Recent Moves at Active Firms
All moves →Jennifer Gasser joined as Partner, Energy and Infrastructure M&A at Paul WeissMar 3, 2026
Seth Richardson promoted to Partner, Project Development & Finance at Latham & WatkinsFeb 20, 2026
Thomas Verity joined as Partner, Energy M&A at Norton Rose FulbrightFeb 15, 2026
Sean Wheeler joined as Partner, Co-Chair Global M&A; Head of Houston Office at Paul WeissFeb 3, 2026
Debbie Yee joined as Partner, Energy M&A at Paul WeissFeb 3, 2026
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