DEAL MARKET ANALYSIS | SPECIAL REPORT From 152 deals in 2015 to a peak of 473 deals in 2022, the
market has undergone substantial transformations. The total deal value has also varied widely, from $42.5 bn in 2015 to a record $133 bn in 2022. Figure 1, charts the nuclear energy deal activity from :
2015-2025* While deal activity moderated in 2023 and 2024, with
329 deals worth $115.9bn in 2023 and a slight rebound to 368 deals valued at $116.8bn in 2024, the continued focus on energy security, clean power generation, and the commercialisation of advanced nuclear technologies remains a key driver of investment trends. These numbers reflect a decline from 2022 levels, but still indicate a healthy investment climate, suggesting that the nuclear market has stabilised at a relatively high level compared to pre- pandemic years.
Nuclear deal structures Throughout the last decade, financial deals have predominantly fallen into four key categories: public offerings and private placements, mergers and acquisitions, venture and growth capital, and institutional buyouts and secondary offerings. Nuclear sector deals were dominated by Debt Offerings in 2024, accounting for $97.9bn across 292 deals, highlighting the strong reliance on debt financing for nuclear projects. Equity Offerings followed with $1.3bn from 18 deals, reflecting investor interest in nuclear ventures. Venture Financing saw 23 deals worth $1.4bn, indicating continued support for nuclear startups and innovations. Asset Transactions were limited to four deals valued at just $0.2bn.
A substantial portion of nuclear-related financing in 2024
came through debt offerings, as major energy companies and utilities raised capital through bond issuances. Korea Hydro & Nuclear Power (KHNP) was particularly active, securing multiple private placements, including a $93.6m bond due in 2034, an $86.4m bond due in 2054, and additional placements across various maturities. These deals highlight South Korea’s commitment to nuclear power as part of its broader energy strategy. Electricité de France (EDF) played a key role in European
nuclear financing, raising a total of over $3.2bn through three public offerings of green bonds with different maturities. This move aligns with France’s long-term vision for nuclear energy as a pillar of its clean energy transition. Additionally, Ontario Power Generation issued $732m in public green bonds to finance nuclear and other clean energy projects in Canada. Other notable debt offerings included Engie’s $2bn
private placement, reflecting the European market’s strong interest in nuclear and green financing. Chubu Electric Power, Chugoku Electric Power, and Kyushu Electric Power also engaged in substantial bond offerings, particularly in the Japanese market.
While debt financing dominated, equity offerings and
venture capital investments also played a crucial role in supporting nuclear projects, particularly in innovative and emerging technologies. Nano Nuclear Energy raised $18m in a public offering, signalling investor confidence in SMRs and next-generation nuclear technologies. Xcimer, a nuclear fusion startup, secured $100m in Series A financing.
Other nuclear technology firms, including Kyoto Fusioneering and Curio Legacy Ventures, also attracted
Acquisition Equity offering Private equity Asset transaction Merger Venture financing Debt offering Partnership
www.neimagazine.com | June 2025 | 35
venture capital, with Kyoto raising nearly $10m and Curio securing $7.5m in early-stage funding. Strategic acquisitions and partnerships also shaped the nuclear landscape in 2024. EDF acquired a stake in GE Vernova’s Steam Power business, reinforcing its position in nuclear steam turbine technology. Cyclife Germany, a subsidiary of EDF, acquired Balcke-Dürr Nuklear Service, further expanding its capabilities in nuclear waste management and decommissioning. In the US, Nano Nuclear Energy acquired a novel nuclear reactor cooling technology. The nuclear sector saw a significant number of financial
transactions in 2024, including debt and equity offerings, mergers, acquisitions, and partnerships. Figure 2, below, shows nuclear energy deal activity in 2024. Many of these deals were driven by the global push for clean energy, with countries and companies securing funding for nuclear expansion, modernisation, and innovation. The financing landscape was dominated by debt offerings, particularly through green bonds and corporate bonds aimed at supporting nuclear energy projects. Overall, investment in nuclear power has grown
substantially, reaching $65bn in 2023, nearly double the level from a decade ago. This includes $42bn allocated for new nuclear plant construction and $25bn annually for reactor refurbishments. The report concludes that while the nuclear sector has traditionally struggled with high upfront capital costs, new financial mechanisms are making projects more attractive to investors. Alongside green bonds and government-backed loans, power purchase agreements (PPAs) are also gaining traction, as large electricity consumers such as data centres and heavy industries secure long-term contracts. ■
Left, figure 2: Nuclear power market global deals by type, 2024 Source: GlobalData Power Database
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