US Nuclear: DOE to provide USD17.5bn in supply chain loans

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US Nuclear: DOE to provide USD17.5bn in supply chain loans

25 June 2026

US Nuclear EquitiesElectrical Equipment

DOE to provide USD17.5bn in supply chain loans United States

◆ Five projects to split USD17.5bn in conditional loan Samantha Hoh, CFA

commitments for building two new AP1000 reactors each Senior Analyst, Clean Tech HSBC Securities (USA) Inc.

samantha.hoh@us.hsbc.com

◆ Loans to finance long-lead time items and accelerate nuclear +1 212 525 8783

deployment by up to three years

◆ More federal funding is likely, with three SMRs to achieve

“criticality” by 4 July, while Canada establishes new targets

Federal funding for Trump’s and Canada’s nuclear renaissance

The US Department of Energy (DOE) has issued USD17.5bn in American Nuclear

Supply Chain Loans through the Office of Energy Dominance Financing (EDF). Five

projects sponsored by unnamed utilities and energy companies will partner with

Westinghouse to build two large-scale 1.1GW AP1000 reactors, with both to commit

USD500m in equity (for a total of USD1bn per project) to access the loans on a

staggered basis as certain technical, legal, environmental, and financial conditions

are met. The DOE expects these loans to accelerate construction by up to three

years and lower overall costs, as long-lead items are procured at a fixed price.

Implemented through a special purpose vehicle, with Westinghouse and its partners

to jointly own each project, the loans will “provide the majority of the financing”

required to purchase long-lead time items for up to 10 AP1000s, per Cameco (CCJ

US, not rated, CMP USD108.89), which owns 49% of Westinghouse. Letters of intent

have been signed with seven potential partners, with Westinghouse estimating in

2024 that it would cost USD9-13bn to build the next AP1000. Separately, Cameco