Michael Lee Chin investing in nuclear energy in Turkey

Jamaican-Canadian businessman, Michael Lee-Chin is going into nuclear energy in Turkey through his Canadian his Portland Holdings Group.

Portland Holdings last week signed a memorandum of understanding (MOU) with a Turkish nuclear technology company to help develop Turkey’s atomic power sector. 

 Signed at the Nuclear Power Plants and Energy Summit in Istanbul on July 9, the MOU establishes a framework for cooperation between Portland Holdings Investco, a Canadian entity within the Portland group, and Nuclean Temiz Enerji, a Turkish company that connects technology providers, investors and engineering firms working on small modular reactors. The Nuclear Industry Association of Turkey has also signed on as a supporting institution.

The agreement covers four areas: training, technology engagement, supply chain participation and potential investment opportunities. It is a framework agreement, not a binding transaction, and any resulting project would require separate agreements and regulatory approvals.

Deal being confirmed

In a statement confirming the deal, Lee-Chin, who is the majority shareholder in Jamaica’s biggest banking group, NCB Financial Group remarked, “We see this cooperation as an opportunity to bring together credible partners, trusted expertise and international nuclear innovation…Countries around the world are looking for access to specialised human capital and reliable, low-carbon energy solutions that can strengthen energy security, industrial competitiveness and long-term economic resilience.” 

 For the 75-year-old Lee-Chin, who has a net worth estimated by Forbes at over US$1.1 billion, the pact reflects a nuclear energy thesis he has been building publicly. Last month, the Jamaican-born Canadian billionaire delivered a talk at the Canada Investors Retreat in Québec City titled ‘Strategic Investing in the Nuclear Era’ pointing out the shifts in dominant energy sources historically producing shifts in economic power.

Portland Holdings, headquartered in Ontario, Canada, is Lee-Chin’s privately held investment vehicle spanning financial services, clean energy, life sciences and tourism. Portland Holdings has a controlling stake in NCB Financial Group. Canada is among the global leaders in nuclear technology, with its CANDU reactor design deployed in seven countries.