The Trump administration is providing $17.5 billion to help finance equipment orders for large-nuclear reactors being built by Westinghouse Electric Co., according to people familiar with the matter.
The funding, which is being offered to seven unnamed utilities that have signed letters of intent for the US Energy Department loans, comes as the president pushes an ambitions plan to build 10 large nuclear reactors in the US. The funding was earlier reported by the Wall Street Journal.
US President Donald Trump sees nuclear reactors as a key source of power for data centers and economic growth and signed an executive order last year called for the US to have 10 large conventional ones under construction by 2030.
While a host of companies are pushing to build a new generation of small modular reactors in the US, development of large traditional nuclear plants has been mostly dormant. Only three have been completed in the US this century. Not a single one is currently under construction.
The gigawatt-scale AP1000 reactor is built by Westinghouse, which is owned by Brookfield Asset Management and Canadian uranium producer Cameco Corp.
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