Chris Wright, U.S. energy secretary, speaks during an executive order signing in the Oval Office of the White House in Washington, D.C,, on Monday. Photo by Bonnie Cash/UPI | License Photo
June 23 (UPI) -- The U.S. Department of Energy announced Tuesday that it will offer $17.5 billion in loans for a nuclear supply chain to finance five energy projects.
American Nuclear Supply Chain Loans will go toward financing two large-scale nuclear reactors per each of the five loan recipients. The projects are to be under construction by 2030.
"Just over one year ago, President [Donald] Trump directed the Energy Department and its agency partners to unleash the next American nuclear renaissance," Chris Wright, secretary of energy, said in a statement.
"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. They will also help accelerate the timeline of building those large-scale reactors by up to three years, lowering construction costs and ensuring the United States is able to deliver on President Trump's bold and ambitious energy addition agenda."
