Uranium miner Cameco to sell Bruce Power interest

Fri Jan 31, 2014 8:46am EST
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Jan 31 (Reuters) - Uranium miner Cameco Corp said on Friday it has agreed to sell its interest in Bruce Power, a partnership that operates one of the world's largest nuclear generating facilities in Ontario, for C$450 million ($403 million).

Under the agreement, BPC Generation Infrastructure Trust, already a partner in the venture, would buy Cameco's 31.6 percent limited partnership interest.

BPC, also known as Borealis, is a division of the Ontario Municipal Employees Retirement System.

The deal is subject to three other partners in Bruce Power - TransCanada Corp, the Power Workers' Union and the Society of Energy Professionals - exercising or waiving right of first offer, and regulatory approvals.

Bruce Power's facility on the shore of Lake Huron provides nearly one third of Ontario's electricity.