US gives Cameco-backed Westinghouse $17.5B nuclear boost

The US Department of Energy (DOE) is planning to provide $17.5 billion in loans to support the nationwide buildout of 10 large-scale commercial nuclear reactors, with the goal of fast-tracking their deployment by up to three years.

The funding — issued by the Office of Energy Dominance Financing (EDF) — is designated to help five eligible projects in their procurement of long-lead-time items needed to build these large nuclear power plants, the DOE said in a statement on Tuesday.

Termed as the American Nuclear Supply Chain Loans, the initiative marks another key step in President Trump’s executive order last year to reinvigorate the US nuclear industrial base.

“Just over one year ago, President Trump directed the Energy Department and its agency partners to unleash the next American nuclear renaissance,” US Energy Secretary Chris Wright said. “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.”

Procurement for 10 reactors

According to the DOE, the $17.5 billion funding would be allocated towards five energy projects, each supporting two nuclear reactors at its site, for a total of 10 reactors.

Westinghouse, which operates the country’s only licensed large-scale advanced commercial reactors (AP1000), will partner with the selected companies to procure long-lead items at a fixed price and will have joint ownership in each project.

For each project, both Westinghouse and its partner are required to fully commit their project equity of $500 million each ($or 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, the Department said.

1.1GW power

According to the Department, each of the AP1000 reactors will generate 1.1 gigawatts 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, the DOE stated.

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, it added.

Commitment to AP1000

The loan commitment comes eight months after Westinghouse — co-owned by Brookfield Renewable Partners and Canadian uranium producer Cameco — signed an $80 billion deal with the Department of Commerce to build eight AP1000 power plants.

Currently, there are six AP1000 reactors setting operational performance and availability records worldwide with 14 additional reactors under construction and five more under contract, according to the company.

“We are pleased to see the US government make this additional commitment to expanding nuclear power capacity using the proven AP1000 reactor technology,” said Tim Gitzel, CEO of Cameco, in a press release.

“When combined with the May 23, 2025, executive orders and other US government initiatives, we believe the right incentives are being created to advance the rapid deployment of AP1000 reactors in the US.”