Energy to loan $17.5B for nuclear supply chains

Energy to loan $17.5B for nuclear supply chains

The Trump administration will loan $17.5 billion out to try to speed up the process of building 10 large-scale nuclear power plants.

Energy Department leaders said Tuesday that they are issuing up to five conditional loans that would each support two nuclear reactors.

Each project receiving financing through the department will be jointly owned by Westinghouse Electric Company and a utility or energy company that is partnering with it.

The loans are expected to go toward the purchase of nuclear plant components that require a long time to make.

Energy Department Secretary Chris Wright said the announcement “drives down costs and accelerates nuclear deployment in America.”

“This deal plays an important role in reviving the supply chain needed for America to once again build large-scale commercial reactors,” he added.

Read more at TheHill.com.

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