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The U.S. Department of Energy will make loans totaling up to $17.5 billion to utilities and other energy companies to support development of 10 nuclear reactors at five sites, officials announced Tuesday.
“These conditional loans will play an important role in reviving the supply chain needed for America to once again build large-scale commercial reactors,” Secretary of Energy Chris Wright said in a statement. The loans will help speed project development timelines by as much as three years, he said.
The announcement advances an executive order President Trump signed a year ago, calling for deployment of 300 GW of net new nuclear capacity by 2050, and having 10 large reactors under construction by 2030.
DOE’s Office of Energy Dominance Financing, formerly the Loan Programs Office, will make up to five loans, the agency said.
