The U.S. Department of Energy’s Office of Energy Dominance Financing (EDF) issued a $17.5 billion conditional loan commitment to finance the purchase of long-lead time items needed to rebuild America’s commercial nuclear supply chain. The $17.5 billion American Nuclear Supply Chain Loans will help finance five eligible projects sponsored by utilities and energy companies nationwide to accelerate the deployment of 10 large-scale commercial nuclear reactors across the United States by up to three years.
Westinghouse’s AP1000® units are the only licensed large-scale advanced commercial reactors operating in the United States today.
The EDF financing will support up to five loans, each loan supporting two reactors at a project site. Westinghouse will partner with up to five eligible utilities and energy companies nationwide to procure the long-lead items at a fixed price. Each project will be jointly owned by Westinghouse and a utility or energy company partner. Each of the 10 AP1000® reactors will generate 1.1 GW of power, with the combined power output from all 10 reactors providing enough electricity to power nearly 10 million households.
The loan guarantee was issued under the EDF’s Energy Dominance Financing Program, which guarantees loans for projects that retool, repower, repurpose or replace existing energy infrastructure; enable operating infrastructure to increase capacity or output; or support or enable the provision of known or forecastable electric supply.