SPECIAL REPORT | DEAL MARKET ANALYSIS
Right, figure 1: Nuclear power market global deal activity, 2015-2025* Source: GlobalData Power Database
*
Data for 2025 includes deals from January and February only
500 450 400 350 300 250 200 150 100 50 0
140
120
100
80
60
40
20 152 135 178 226 267 252 240 473 Deal value in $B 329 368 24
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Deal count
0
traction in the Middle East with the Egypt set to join the
nuclear club with the El Dabaa NPP, the United Arab Emirates commissioning the Barakah NPP and Saudi Arabia outlining plans to develop its first nuclear power facility. Indonesia is advancing its nuclear power plans while Malaysia, in late 2024, announced its intent to reduce its reliance on fossil fuels by developing nuclear power capabilities. Kazakhstan is set to make key decisions regarding the construction of up to three nuclear plants, with 2025 earmarked for site selection and international technology partnerships. Elsewhere in Asia, Japan, recovering from the Fukushima disaster, has cautiously begun restarting some of its reactor fleet.
Deal Analysis The resurgence of interest in nuclear is increasingly being reflected in the growth of companies and governments actively securing funding to support their plans for modernisation of existing plants, development of advanced reactors and reinforcing fuel supply chains. Private equity firms and institutional investors are also increasingly showing interest in nuclear startups, particularly those focusing on fusion energy, next-generation fission reactors, and nuclear waste management solutions. In addition, the report emphasises strategic acquisitions and partnerships which it says are reshaping the competitive landscape as major energy firms seek to strengthen their positions in a rapidly evolving market. Over the past decade, financial markets have witnessed
significant fluctuations in both deal volume and value, shaped by economic cycles, policy shifts, and evolving investor sentiment. The nuclear sector witnessed consistent growth in deal activity from 2015 to 2019, with the number of deals nearly doubling from 152 in 2015 to 267 in 2019. This increase, says the report, was fuelled by rising investments in reactor projects, uranium supply chains, and advanced nuclear technologies. Deal values also saw an exponential rise, climbing from $42.5bn in 2015 to $129.8bn in 2019,
34 | June 2025 |
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reflecting strong financial backing for large-scale nuclear infrastructure and innovation. The financial markets followed a similar trajectory, with deal count increasing steadily over the same period and primarily driven by mergers and acquisitions (M&A) and private equity investments. A surge that continued into 2018 and 2019 was largely attributed to the growing adoption of green bonds, infrastructure investments, and digital transformation across industries, which led to an influx of capital. Progress was dented by the COVID-19 pandemic, leading
to a moderate dip in deal counts to 252 in 2020 and 240 in 2021. However, despite fewer transactions, deal values remained strong, consistently hovering above $100bn, indicating a shift towards fewer but larger transactions. A historic surge in deal-making occurred in 2022, marking
a record-breaking year with 473 deals valued at $133bin. This spike was largely driven by pent-up demand following the pandemic, increasing government policies favouring nuclear energy, and heightened M&A activity. Investments in nuclear fusion contributed to the unprecedented growth. The strong private equity market also played a role, with large buyouts and growth capital deals fuelling the figures. Between 2020 and 2022, the nuclear power sector
witnessed several significant deals, reflecting growing investments and financing in the industry. Notably, TerraPower secured $80m in private equity financing, while Samsung C&T invested $70m in NuScale Power, which also raised $60m in a private placement. In South Korea, Korea Hydro & Nuclear Power and Korea Midland Power executed multiple large-scale bond issuances. Korea Hydro & Nuclear Power raised $83m through 1.661% bonds due 2050 and $81m via 1.783% bonds due 2040, among several others. Similarly, Korea Midland Power issued $83m in 1.635% bonds due 2040 and $74.7m in 1.514% bonds due 2030, demonstrating strong financial backing for nuclear energy projects. These deals underscore the continued global momentum in nuclear power investment and infrastructure development.
Number of deals
Deal value in $B
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