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Energy private equity firm First Reserve establishes nuclear fuel supply company Accord27/08/2008. Source: AltAssets. 
 Energy-focused private equity firm First Reserve Corporation has partnered with nuclear industry veterans Charles Scorer and David Sloan to form integrated nuclear fuel supply company Accord Nuclear Resources. Accord will acquire and integrate businesses that operate in the commercial nuclear power generation sector, with a focus on uranium mining and production and related infrastructure operations and services.
First Reserve is providing 'significant capital support' for the newly formed company, according to a statement. The size of the deal has not been disclosed, but is believed to be some hundreds of millions of dollars, according to a source familiar with the situation.
Alex Krueger, managing director, First Reserve, said, 'Nuclear energy is gaining more focused interest as the result of a structural need tied to increased fossil fuel costs and carbon emissions standards impacting other forms of power generation. Accord is well-positioned to become a significant market force as it aligns long-standing and proven market players in a way that drives new levels of integration and efficiency in the nuclear fuel cycle.'
Scorer was previously the CEO of commercial nuclear fuel trading and finance company Nufcor International.
Sloan was previously director, business development at NUKEM, where he had experience in originating and managing nuclear fuel marketing and teaming arrangements worldwide.
In June of this year, First Reserve backed the formation of specialist insurance company Torus Insurance Holdings (Bermuda), investing $720m in the new venture.
Copyright © 2008 AltAssets
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