Every query to a large model, every training run, every autonomous agent completing a task, ultimately resolves into a demand for electricity. As AI moves from experimentation to infrastructure, the conversation in boardrooms has shifted from chips to power — and specifically, to power that is clean, reliable and available around the clock.
The firm power gap
Wind and solar are now among the cheapest sources of new energy in much of the world, and they will make up the majority of new capacity. But compute workloads run continuously. Pairing intermittent generation with storage solves for hours, not seasons. The market is therefore placing a growing premium on firm, carbon-free supply.
Nuclear energy offers what few other sources can: very high capacity factors, a small land footprint, decades of operating life and near-zero operational emissions. Large energy buyers have taken note, signing long-term agreements to restart, extend and build nuclear capacity.
The binding constraint on intelligence is not silicon. It is powered land.
Where capital is needed
- Existing fleets: licence extensions and power uprates offer some of the lowest-cost clean megawatts available.
- The fuel cycle: conversion, enrichment and fabrication capacity is concentrated and must be rebuilt in allied markets.
- Supply chain and workforce: specialised manufacturing and skilled labour are prerequisites for any new build programme.
- Advanced reactors: small modular and advanced designs could transform deployment speed — if they can demonstrate cost and schedule discipline.
Underwriting with discipline
Nuclear projects carry real risks: construction overruns, regulatory timelines and public trust. Our approach stages capital against milestones, prioritises creditworthy offtake, and treats safety and community engagement as the foundation of value rather than a cost.
We believe energy and intelligence are converging into a single investment theme. Owning the firm power that feeds the AI economy is one of the most compelling long-duration opportunities of our time.