Trump administration to loan $17 billion to build 10 nuclear reactors
A cooling tower is seen at the nuclear-powered Vogtle Electric Generating Facility in Waynesboro, Georgia, USA, on August 13, 2024.
Megan Varner | Reuters
The Department of Energy announced Tuesday that it will provide $17.5 billion in loans to accelerate the deployment of 10 large nuclear reactors across the United States.
Energy Minister Chris Wright said the loans would reduce construction costs and speed up the installation of reactors by up to three years.
The loans will support the construction of five projects, each housing two large nuclear reactors. The money will help finance complex, high-cost components that often take a long time to manufacture and deliver.
Westinghouse’s AP1000 reactor design, which can produce 1.1 gigawatts of electricity, will be used in five projects.
Westinghouse will partner with up to five eligible utility or energy companies on the projects. It has already signed letters of intent with seven potential partners, each with designated project areas.
The loans will not go directly to Westinghouse, said Greg Beard, head of DOE’s loan office. Instead, the funding will go to five special purpose vehicles, Beard said. He said Westinghouse and its partners would need to contribute about $1 billion in equity to each SPV to unlock the loan money.
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