Nuclear power is projected to reach 494 GW of capacity and generate 3,410 TWh of electricity by 2035, reflecting strong growth in advanced reactor deployment and new market entrants. This is the conclusion of a new analysis from NEi parent group GlobalData Ltd in its latest nuclear deals report. Their research notes that while nuclear remains a cornerstone of global electricity generation, supporting energy security, decarbonisation, and emerging energy demands from data centres and AI infrastructure, global nuclear capacity grew by just 1.8% in 2024, reaching 395 GW. Nonetheless, nuclear generated approximately 2,616 TWh of electricity, a 3.2% rise compared with 2023. The increase was driven by new reactor deployments, life extensions, and investments in next-generation nuclear technologies.
While the report points out that the US remains the world’s largest producer of nuclear power, with 97 GW of installed capacity generating 787.6 TWh in 2024, China, with the youngest and fastest-growing nuclear fleet, has already surpassed France in terms of nuclear generation having expanded its capacity to 56 GW and producing 386.1 TWh. At 61.4 GW, France has a larger nuclear installed capacity then China but generated slightly less at 333.3 TWh over 2024. Furthermore, with over 20 reactors under construction, China is expected to further solidify its position as a global leader in the nuclear sector. Collectively, some 100 nuclear reactors are planned or under construction across key markets with China responsible for a fifth, but also India, the UK and others executing nuclear expansion plans. Meanwhile, other nations with substantial nuclear fleets, including France and Canada, are actively pursuing reactor life extension programmes.
There is also a strong focus on small modular reactors (SMRs) and new hydrogen production.
Indeed, the report authors argue that the decade ahead will see rapid advancements in reactor technology, greater reliance on HALEU-fuelled designs, and increased government and private-sector commitments to nuclear energy. In particular, the analysis identifies energy security, climate commitments, and technological advancements as drivers behind a nuclear resurgence. The role of nuclear energy is also expanding beyond electricity production, with increasing applications in hydrogen production, industrial decarbonization, and process heat supply.
Highlighting several national nuclear power programmes from existing and established nuclear players, the report also identifies several nuclear newcomers as well as a resurgence in some nations which had previously indicated a retreat from atomic energy. The report highlights France, for example, which has reversed previous plans to scale down its nuclear sector and is instead investing in extending reactor lifespans and building new EPR2 reactors. Meanwhile, newcomers Turkey and Bangladesh are set to enter the nuclear fold. Nuclear energy is also gaining traction in the Middle East with 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, 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.
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 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.
Figure 2: Nuclear power market global deals by type, 2024 (Source: GlobalData Power Database)
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.
*Data for 2025 includes deals from January and February only
