Energy Capital Partners, a multi-billion-dollar energy-focused investment firm, will re-acquire EnergySolutions from TriArtisan Capital Advisors for an undisclosed price, the companies said Monday.
EnergySolutions said in a press release that the transaction is subject to customary regulatory approvals and is expected to close this year. The investment firm said the decision to buy EnergySolutions again “comes at a time of transformational change for the nuclear sector,” according to the release.
Energy Capital Partners previously acquired EnergySolutions in 2013 for $1.1 billion. The investment firm brought in TriArtisan Capital Advisors as a minority stakeholder in 2018 and eventually sold all of its ownership to TriArtisan Capital Advisors in May 2022.
Energy Capital Partners has stayed in contact with EnergySolutions since the investor exited its previous investment in the company four years ago, according to the release.
“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,” Energy Capital Partners’ Drew Brown said. “EnergySolutions has built deep expertise in supporting nuclear facilities safely and responsibly throughout their lifecycle. We’re excited to partner with them again as they continue serving their customers and contributing to a more secure energy future.”
“Today’s announcement marks an important milestone for EnergySolutions,” Ken Robuck, EnergySolutions President and CEO, said. “Over the past several years, we have broadened our offerings across the nuclear sector and strengthened our ability to deliver integrated solutions for customers.”
Headquartered in Salt Lake City, Utah, EnergySolutions operates in various parts of the nuclear fuel cycle, such as decommissioning and waste management, in the United States, Canada, Asia and Europe.
The company owns a major commercial low-level radioactive waste facility in Clive, Utah that is used by the Department of Energy and other clients.
EnergySolutions has recently begun to explore nuclear generation, filing a notice with the Nuclear Regulatory Commission to seek to build new nuclear power at the Kewaunee site in Wisconsin.