Energy Department Offers $17.5 Billion in Loans for Five Nuclear Reactor Projects

The Energy Department plans to issue five low-interest loans totaling $17.5 billion to support construction of ten AP1000 nuclear reactors at five sites. The loans are intended to help utilities place equipment orders sooner and reduce project timelines.

Seven utilities have already submitted formal letters of intent for the available project loans, according to the Energy Department. The department did not name the utilities.

AP1000 reactor is designed to produce about 1,100 megawatts of electricity. Officials said the reactors are scheduled to begin operating in 2035 and could supply power to a midsize city or large data center. The Energy Department said the new loans are meant to cut up to three years from future construction schedules.