DOE Plans $17.5B Loans for Westinghouse-Backed Nuclear Projects
The United States Department of Energy (DOE) has announced a conditional loan commitment of $17.5 billion to help 5 nuclear power projects procure long-lead items to deploy Westinghouse's advanced reactor.
The American Nuclear Supply Chain Loans will "accelerate the deployment of 10 large-scale commercial nuclear reactors across the United States by up to three years", DOE said in an online statement.
"Westinghouse’s AP1000® units are the only licensed large-scale advanced commercial reactors operating in the United States today", DOE said. "Long-lead items are complex components of a nuclear power plant that require the longest time for manufacturing and delivery".
Each loan from DOE's Energy Dominance Financing (EDF) will support 2 AP1000 pressurized water reactors per 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", DOE said. "Each project will be jointly owned by Westinghouse and a utility or energy company partner.
"Both Westinghouse and the partner are required to fully commit their project equity, $500 million each ($1 billion total per project), upfront prior to accessing DOE loan funds. Purchasing for each project will be staggered based on the timing of equity commitments and other relevant factors.
"Westinghouse has signed letters of intent with seven potential partners, each with identified project sites.
"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 American households.
"The loan facilities' bulk equipment purchase order structure creates a strong commitment to restarting the nation’s nuclear industry by providing the necessary financing for rebuilding the American nuclear supply chain.
"In doing so, the loan facilities drive down costs for individual nuclear components, create significant supply chain efficiencies, and shorten timelines for nuclear deployment by up to three years.
"While this conditional commitment from EDF indicates the Department's intent to provide a loan to finance the projects, DOE and the company must satisfy certain technical, legal, environmental, and financial conditions before the Department enters definitive financing documents and funds the loan".
President Donald Drump's Executive Order 14300 on May 23, 2025 set a goal to grow the country's nuclear energy capacity from about 100 GW in 2024 to 400 GW by 2050.
Westinghouse chief executive Dan Sumner said in a separate statement, "If we want to lead in artificial intelligence, advanced manufacturing, and the industries that will define the next century, we need more American baseload energy. This means building industrialized nuclear power at fleet scale, creating long-term economic growth, thousands of high-quality jobs, strengthening supply chains and revitalizing communities".
The Cranberry Township, Pennsylvania-based company said, "The advanced AP1000 reactor is the only operating Generation III+ reactor with fully passive safety systems, modular construction design and the smallest footprint per MWe on the market".
"There are six AP1000 reactors currently setting operational performance and availability records worldwide with 14 additional reactors under construction and five more under contract", Westinghouse said. "The AP1000 technology has been selected for nuclear energy programs in Poland, Ukraine and Bulgaria, and is also under consideration at multiple other sites in Europe, the Middle East and North America".
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