Funding Interest Signals Canada’s Nuclear Supply Chain is Ready to Work for Global New Build Projects
Peterborough, Ontario, December 9, 2024 – Westinghouse Electric Company welcomes the Letter of Interest (LOI) for up to U.S. $1.45 billion ($2.02 billion CAD) in potential financing from Export Development Canada (EDC) to support the sale of goods and services by Canadian suppliers to build Poland’s AP1000 project, its first nuclear power plant. Westinghouse will help facilitate the potential financing for Polskie Elektrownie Jadrowe (PEJ), the state-owned company that is responsible for developing the plant at the Lubiatowo-Kopalino site in Pomerania.
The Westinghouse AP1000® reactor. Courtesy of Georgia Power
“Not only does this LOI underscore the important role Canada can play in helping Europe secure and diversify its energy future, but it can also help prepare the nation’s nuclear supply chain to support the next AP1000 plant in North America,” said Dan Lipman, President of Westinghouse Energy Systems. “We appreciate EDC expressing interest to finance PEJ, which can help make this Westinghouse AP1000 project a reality for its customer while bringing home economic benefits to Canada.”
Westinghouse has a deep commitment to Canada’s economy and is proud to help secure work for Canadian firms and trade unions supporting Westinghouse’s global fleet of advanced reactors. For each AP1000 unit that is built outside of Canada, Westinghouse could generate almost $1 billion of Canadian dollars in gross domestic product (GDP) through local suppliers.
Owned by Canadian energy powerhouses Brookfield and Cameco, Westinghouse is the only nuclear vendor with proven, fully operational Generation III+ reactor technology that is ready to be deployed in Canada and generate electricity by as early as 2035. A four-unit AP1000 facility in Canada can power at least three million homes while supporting $28.7 billion Canadian dollars in GDP during construction and $8.1 billion in GDP annually in ongoing operations. The four-unit project would also create 12,000 high-quality full-time Canadian jobs and provide Canadian firms opportunities to support the more than 30 AP1000 units in the pipeline globally.
Update: This release has been updated to confirm that a Letter of Intent is an initial step in the financing process and does not signify a signed, financial commitment. Any future EDC financing would support the sale of goods and services by Canadian suppliers and is conditional upon the successful completion of EDC’s due diligence process and credit approval.
