A cooling tower is seen at the nuclear-powered Vogtle Electric Generating Plant in Waynesboro, Georgia, U.S. August 13, 2024.
Megan Varner | Reuters
The Energy Department announced Tuesday that it will provide $17.5 billion in loans to speed the deployment of 10 big nuclear reactors across the U.S.
Energy Secretary Chris Wright said the loans will lower construction costs and accelerate the deployment of the reactors by up to three years.
The loans will support the construction of five projects that each host two big nuclear reactors. The money will help finance complex, big-ticket components that typically take a long time to manufacture and deliver.
The five projects will use Westinghouse’s AP1000 reactor design that can generate 1.1 gigawatts of electricity.
Westinghouse will partner with up to five eligible utilities or energy companies on the projects. It already has signed letters of intent with seven potential partners, each with identified project sites.
This is a developing story. Please check back for updates.
