Trump Administration Offers $17.5 Billion in Loans for Ten New Nuclear Reactors

The Trump administration announced plans to offer nearly $17.5 billion in loans to support construction of 10 new large nuclear power reactors, with operations targeted to begin by the mid-2030s. The Department of Energy said it is issuing conditional loan commitments to finance five eligible projects for procurement of long-lead-time items needed to build large nuclear power plants.

Each project must develop two large-scale reactors able to generate more than 1 gigawatt of electricity.

Westinghouse, the only company to have licensed large-scale advanced commercial reactors operating in the United States known as AP1000 units, will partner with up to five utilities and energy companies to provide long-lead-time items including reactor pressure vessels, steam generators, and prefabricated structural modules.

The loans are intended to build a domestic supply chain rather than go directly to Westinghouse. Energy Secretary Chris Wright said the Palisades Nuclear Power Plant in Michigan is planned to restart later this summer or later this year.

The Crane Clean Energy Center, formerly Three Mile Island, is planned to come online in 2027, with the Duane Arnold Nuclear Power Plant in Iowa to follow. The Palisades plant first opened on December 31, 1971, operated for more than 50 years, closed in May 2022, and was purchased by Holtec International one month after closure.

Once operational it will generate around 800 megawatts of electricity.