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Buyout firm Energy Capital Partners has agreed to re-acquire nuclear services firm EnergySolutions from TriArtisan Capital Advisors LLC, according to a statement provided to Bloomberg News.
EnergySolutions will be valued at about $2 billion in the transaction, according to a person familiar with the matter who asked not to be named because the matter is private.
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The deal returns the Salt Lake City-based business to ECP ownership four years after selling its majority stake.
“The timing of this transaction aligns with what we see as the early innings of a nuclear growth cycle,” said Drew Brown, a partner at ECP who led the investment.
Nuclear assets are gaining traction as AI, data centers and electrification lift power demand. Investors are favoring services and infrastructure over new-build reactors, avoiding high costs, long timelines and delays.
“We see tremendous potential for its platform as the role of nuclear energy in meeting the rising need for reliable, baseload power continues to grow,” ECP Partner Drew Brown said.
Representatives from EnergySolutions, TriArtisan and ECP didn’t immediately respond to a request for comment on the valuation.
ECP has a long history with EnergySolutions. It agreed to buy the company in 2013 for $1.1 billion enterprise value and sold its majority ownership in 2022 to TriArtisan Capital Advisors.
“From a utility’s perspective, nuclear provides large, baseload, low-carbon power generation, so it checks a lot of boxes,” Brown said. Investors are favoring services and essential waste management infrastructure over new-build reactors, avoiding exposure to potentially high costs, long timelines and delays, he added.
ECP, the infrastructure investment platform of Bridgepoint Group plc, focuses on energy transition, particularly power and environmental infrastructure.
Nuclear power is now central to US energy security, with bipartisan backing fueling major regulatory changes, according to the statement.
“When we took it private in 2013, the market backdrop was very different,” Brown said. Following lower power prices after that year and weaker electricity demand, “were driving a wave of nuclear plant retirements, and the investment thesis was largely driven by decommissioning activity,” he said.
Gerald Cromack, co-founding partner of TriArtisan, added that “the company has strengthened its platform and expanded its capabilities across the nuclear services market while maintaining an unwavering focus on safety and execution.”
EnergySolutions’ work ranges from expanding nuclear capacity to retiring older facilities. It provides services to commercial and government clients across the nuclear fuel lifecycle, including waste management, transporting radioactive materials and decommissioning aging plants.
ECP has completed dozens of transactions over the past two decades. Last year, ECP sold Calpine Corp. to Constellation Energy Corp. for a net purchase price of $26.6 billion. It also paid about $2.3 billion for gas- and coal-fired plants from a Blackstone Inc. and ArcLight Capital Partners joint venture, Bloomberg News has reported. This year, ECP agreed to sell three gas plants to Talen Energy Corp. for $3.5 billion.
Morgan Stanley & Co. LLC and RBC Capital Markets, LLC advised EnergySolutions on the deal.
(Adds executive comments from ECP)
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