US Department of Energy commits up to $17.5 billion to support Westinghouse AP1000 advanced reactor deployment for commercial nuclear power
Cameco has welcomed the U.S. Department of Energy's conditional commitment for a loan package of up to $17.5 billion under its American Nuclear Supply Chain Loans program. The financing is expected to provide the majority of funding for Westinghouse Electric Company to purchase long-lead time items for up to 10 AP1000 nuclear reactors in the United States.
Cameco said the commitment is intended to reenergize the nuclear supply chain, reduce costs, and accelerate deployment of AP1000 reactors domestically and globally. Westinghouse is jointly owned by Cameco and Brookfield Renewable Partners, which acquired the company in November 2023. Cameco highlighted how the Brookfield partnership combines its nuclear fuel supply chain expertise with Brookfield's position as a major investor in energy generation technologies.
The DOE loan arrangement will be implemented through a Westinghouse special-purpose vehicle that administers funding for up to five project funding vehicles. Each project funding vehicle will be jointly owned by Westinghouse and its applicable project partner, procuring long-lead items at a fixed price for two reactors per project. Both the special purpose vehicle and approved partners are required to commit project equity totaling approximately $500 million each—or $1 billion per project—before accessing DOE loan funds. As approved partners reach final investment decisions, the DOE loan is expected to be repaid from proceeds of the long-lead item sales.
The loan package remains subject to technical, legal, environmental, and financial conditions, along with negotiation and completion of definitive agreements, required approvals, and other customary conditions. Cameco is separately advancing discussions on a strategic partnership entered into by Brookfield, Cameco, and the U.S. Department of Commerce in October 2025.
The expansion of nuclear power in the United States is expected to create significant opportunities for Westinghouse and Cameco, including growth in Westinghouse's energy systems segment during procurement and construction phases. "We are pleased to see the US government make this additional commitment to expanding nuclear power capacity using the proven AP1000 reactor technology," Cameco stated. "When combined with the May 23, 2025 Executive Orders and other US government initiatives, we believe the right incentives are being created to advance the rapid deployment of AP1000 reactors in the US."