The US Department of Energy Office of Energy Dominance Financing has committed US$17.5 billion ($25.4 billion) in conditional loans to finance the long-lead time items necessary to build out the US’s commercial nuclear supply chain.
Up to five eligible projects will be financed through this loan, which accelerate the deployment of 10 new large-scale commercial nuclear reactors in the US by up to three years.
The project aligns with one of US President Trump’s Executive Orders focused on reinvigorating the country’s nuclear industrial base, with the goal of having 10 new large nuclear reactors under construction by 2030.
US Energy Secretary Chris Wright says that these loans are in line with the US’s nuclear renaissance.
“To accomplish that mission, these conditional loans will play an important role in reviving the supply chain needed for America to once again build large-scale commercial reactors,” Wright says.
“They will also help accelerate the timeline of building those large-scale reactors by up to three years, lowering construction costs and ensuring the United States is able to deliver on President Trump’s bold and ambitious energy additional agenda.”
At present, Westinghouse’s AP100Ⓡ units are the only large-scale advanced commercial reactors that are licensed for operation in the US.
This financing will support up to five loans, with each project site featuring two reactors. Westinghouse will be partnering with up to five eligible utilities and energy companies within the US to procure the long-lead items needed at a fixed price.
Each of the projects will be jointly owned by Westinghouse and the associated utility or energy company partner, with both partners required to fully commit their project equity, US$500 million each upfront, prior to receiving any of the loan funds.
The Westinghouse AP100Ⓡ units will each generate 1.1 gigawatts of power, with the Department of Energy noting this is enough to power nearly 10 million US households.
The loan facility is focused on providing the needed boost to restart the US domestic nuclear industry, providing financing across the nuclear supply chain. This is in line with other US loan facilities focused on domestic supply chains and energy security.
Write to Amy Rotman at Mining.com.au
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