Cameco announced that it welcomes the U.S. Department of Energy’s conditional commitment for American Nuclear Supply Chain Loans to support the large-scale nuclear reactor supply chain.
The DOE’s Office of Energy Dominance Financing announced a conditional commitment for a loan package of up to $17.5 billion.
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 in the U.S. and globally.
Westinghouse is jointly owned by Cameco and Brookfield Renewable Partners, which acquired the company in November 2023.
Cameco said the Brookfield partnership combined its nuclear fuel supply chain expertise with Brookfield’s position as a major investor in energy generation technologies.
The DOE loan arrangement is expected to be implemented through a Westinghouse special-purpose vehicle that will administer funding for up to five project funding vehicles.
Each project funding vehicle is expected to be jointly owned by Westinghouse and the applicable project partner to procure long-lead items at a fixed price for two reactors per project.
Both the special purpose vehicle and the approved partner would be required to fully commit project equity totaling about $500 million each, or $1 billion per project, before accessing DOE loan funds.
As approved partners reach final investment decisions for applicable projects, the DOE loan is expected to be repaid from proceeds from the sale of the long-lead items.
Cameco said 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 also said it is separately advancing discussions on the strategic partnership entered into by Brookfield, Cameco, and the U.S. Department of Commerce in October 2025.
The company said 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.
KEY QUOTE:
“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.”
Tim Gitzel, CEO of Cameco
