Cameco Corporation has welcomed the US Department of Energy's conditional commitment for the American Nuclear Supply Chain Loans package, which provides up to US$17.5 billion to support Westinghouse Electric Company's purchase of long-lead items for up to 10 AP1000 nuclear reactors in the United States.

Tim Gitzel, CEO of Cameco, stated: "We are pleased to see the US government make this additional commitment to expanding nuclear power capacity using the proven AP1000 reactor technology. 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. The expansion of nuclear power in the United States is expected to create significant opportunities for Westinghouse and Cameco, accelerating growth in Westinghouse's energy systems segment during the procurement and subsequent construction phase."

Cameco and Brookfield Renewable Partners acquired Westinghouse in November 2023, combining Cameco's expertise in the nuclear fuel supply chain with Brookfield's position as one of the world's largest investors in energy generation technologies.

The loan arrangement is expected to operate through a Westinghouse special purpose vehicle administering funds for up to five project entities jointly owned by Westinghouse and applicable partners. Each project requires approximately US$1 billion of combined equity—roughly US$500 million each from the SPV and the approved partner—committed upfront before accessing DOE funds. As partners reach final investment decisions, DOE loan repayment is expected to come from proceeds of long-lead item sales.

The conditional commitment remains subject to extensive conditions. Westinghouse, its owners, and partners must satisfy technical, legal, environmental, and financial requirements, negotiate and complete definitive agreements, obtain required approvals, and meet other customary conditions. Cameco emphasizes there is no assurance that definitive agreements will be entered into or that the proposed loan package will be completed on current terms or at all. The company is separately advancing discussions on a strategic partnership among Brookfield, Cameco, and the US Department of Commerce entered into in October 2025.

Cameco is one of the world's largest uranium fuel providers, with controlling ownership of the world's largest high-grade reserves, low-cost operations, and significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment.