India, Canada sign $1.9 bn uranium pact to strengthen energy cooperation

India has signed a $1.9 billion uranium supply deal with Canada's Cameco for deliveries from 2027 to 2035, part of a wider strategic energy partnership spanning renewables and fuels

Canadian company Cameco has signed a $1.9 billion agreement with the Indian government to supply 22 million pound of uranium for nuclear energy generation between 2027 and 2035, the office of the Canadian Prime Minister, Mark Carney, announced on Monday.

 

Carney is on his first official visit to India.

 

The deal comes two months after India opened the nuclear energy sector for private participation and diluted liability rules to attract private investment. It is part of a larger strategic energy partnership covering renewable energy, biofuels, hydropower, hydrogen, liquefied natural gas and liquefied petroleum gas, apart from uranium.

 

Under the partnership, two agreements have been signed to intensify cooperation on critical minerals and energy sources, supporting technical and commercial engagement, and diversifying supply chains. Overall, the two sides have reached 10 commercial agreements worth over Canadian $5.5 billion.

 

 

The Canadian government has also decided to join the International Solar Alliance (ISA) and is upgrading to full membership status in the Global Biofuels Alliance (GBA). Canada will also conclude its first long-term LPG arrangement with India.

 

The two countries will conclude a new Comprehensive Economic Partnership Agreement (CEPA) this year, following a meeting of chief negotiators in India and the finalisation and signing of the terms of reference. The CEPA is likely to double bilateral trade to $51 billion by 2030. The total direct and indirect Canadian investment in India surpassed $80 billion in 2024.

 

During Carney’s visit, the two countries announced a range of other initiatives across areas, including critical minerals, technology and artificial intelligence, defence, talent and culture.

 

India aims to increase nuclear power capacity from the current 8.8 gigawatt (Gw) to 100 Gw by 2047. India and Canada had signed a nuclear deal in 2010, paving the way for a uranium supply deal with Cameco in 2015, which has now expired.

 

What’s more

Canadian company Cameco to supply 22 million pound of uranium for nuclear energy generation between 2027 and 2035 

Canada to join the International Solar Alliance 

Will conclude its first long-term LPG arrangement with India