DOE issues up to $5 billion loan for Constellation nuclear upgrades

The Department of Energy's Office of Energy Dominance Financing announced a conditional loan commitment of up to $5 billion to finance nuclear uprates and modernization at Constellation Energy's facilities in Illinois, Maryland and Pennsylvania.

The loan is intended to add nearly 1.1 gigawatts of electricity, enough to power more than 930,000 homes and to support more than 10,000 project-related jobs across the PJM Interconnection and Midcontinent Independent System Operator regions.

U.S. Secretary of Energy Chris Wright said the financing "accelerates President Trump's American nuclear renaissance" and "ensures more affordable, reliable, and secure energy for American families and businesses." EDF Director Gregory A. Beard added that the investment "adds more reliable baseload power to the grid, helps lower electricity costs, strengthens our nation's energy security, and fuels long-term American prosperity."

Constellation's planned work includes upgrades at Braidwood, Byron, Clinton, Dresden, LaSalle and Quad Cities in Illinois; Calvert Cliffs in Maryland; and Limerick in Pennsylvania, with an option to finance future uprate projects at additional Constellation facilities. The commitment remains conditional; Constellation must satisfy technical, legal, environmental and financial conditions before the Department enters definitive financing documents and disburses funds.