Constellation has secured a conditional loan commitment of up to $5 billion from the U.S. Department of Energy’s Office of Energy Dominance Financing to support nuclear uprates across select facilities.
The potential financing would help Constellation increase electricity production from existing nuclear plants while avoiding the need to build entirely new generation facilities or transmission corridors.
The commitment builds on billions of dollars in private-sector investment already supporting Constellation’s efforts to expand nuclear generation.
The company recently entered into 20-year agreements with Google and Amazon that are expected to support more than $7 billion of investment and approximately 1,080 megawatts of additional nuclear capacity.
A separate agreement with Meta supports a 30-megawatt expansion at Constellation’s Clinton Clean Energy Center in Illinois.
The DOE financing could reduce borrowing costs and allow Constellation to accelerate additional uprate projects at a larger scale.
Potential facilities covered by the commitment include the Braidwood, Byron, Clinton, Dresden, LaSalle, and Quad Cities Clean Energy Centers in Illinois, along with Calvert Cliffs in Maryland and Limerick in Pennsylvania.
Nuclear uprates involve increasing output from existing plants through equipment upgrades, operating improvements, and other changes designed to increase generating capacity.
The Department of Energy said the financing aligns with the federal UPRISE program, which is intended to bring together public and private capital to increase electricity generation from the existing U.S. nuclear fleet.
The commitment remains subject to due diligence, negotiation of definitive financing agreements, and satisfaction of additional conditions.
Constellation also said the commitment does not represent a final decision to proceed with every uprate or facility under consideration.
Constellation operates approximately 55 gigawatts of generating capacity across nuclear, natural gas, oil, geothermal, hydro, wind, and solar facilities and serves approximately 2.5 million customer accounts nationwide.
KEY QUOTES:
“This is how America wins the race for energy abundance – by pairing private-sector demand and investment with smart federal financing to unlock more power from the nuclear plants we already have.”
Joe Dominguez, Chairman, President And CEO Of Constellation
“Our agreements with Google and Amazon demonstrate how long-term customer commitments can incentivize billions of dollars in investment in new, reliable nuclear capacity. This conditional loan commitment can help us move faster and go further, putting more reliable power on the grid, creating and preserving good-paying jobs, strengthening American energy security and helping families and businesses manage energy costs.”
Joe Dominguez, Chairman, President And CEO Of Constellation
“The Energy Department is accelerating President Trump’s American nuclear renaissance and unlocking the full potential of our nation’s nuclear fleet.”
Chris Wright, U.S. Secretary Of Energy
