Billions on Polish nuclear plant. Letter of intent signed

The PEJ informed that the DFC is considering providing financial backing equivalent of over 4 billion PLN for the construction of Poland's first nuclear power plant. "This interest was outlined in a letter of intent signed by the DFC on November 12," stated the company.

"The involvement of this important entity has more than just a financial dimension for us. It confirms the US administration’s interest in our project," PEJ Finance Division Director Wojciech Rosiński said in a press release. He added that the letter of intent reflects months of discussions between PEJ and the DFC, as well as other leading U.S. institutions interested in both Poland’s and global energy transitions.

"The DFC is committed to enhancing regional energy security throughout Central and Eastern Europe," added Agnes Dasewicz, DFC's Head of Investments. "This LOI is a step toward reducing regional reliance on Russian energy exports while also seeking to bolster economic growth and create jobs."

The PEJ highlighted that the letter of intent from the DFC is another major document in support of financing the Lubiatowo-Kopalino nuclear power project. Previously, the U.S. Export-Import Bank (Exim Bank) had made a similar commitment for the equivalent of approximately 70 billion PLN, following years of talks with Westinghouse, which Bechtel and the PEJ joined last year.

The U.S. Embassy in Poland said on the X platform that Poland and the United States have made another significant step toward constructing Poland's first nuclear power plant. "The U.S. International Development Finance Corporation has signed a letter of intent for a $1 billion loan to the PEJ. These funds will help finance the Westinghouse and Bechtel nuclear project in Lubiatowo-Kopalino," stated the embassy.

The United States is proud to be Poland's trusted partner on the path to clean, safe, and affordable nuclear energy," stated the embassy," it added.

Ambassador Mark Brzezinski expressed his enthusiasm and said: "I’m so pleased to see this vital project moving forward."

"Poland’s first nuclear power plant is a symbol of our shared commitment to a clean and secure energy future. A great day for Polish-American relations! The United States is fully committed to supporting Poland’s energy transformation, with strong backing from American financial institutions," the ambassador added.

Westinghouse and Bechtel are part of the American consortium undertaking the PEJ investment project in Poland’s Pomerania region.

Both the DFC and Exim Bank rank among the world’s leading financial institutions. The DFC collaborates with the private sector to finance solutions for major global challenges, investing in sectors such as energy, healthcare, critical infrastructure, and technology.

Polskie Elektrownie Jądrowe (PEJ) is responsible for preparing the investment process and acting as the investor for nuclear power plants with a total installed capacity between approximately 6 and 9 GWe. These plants will utilize large-scale, Generation III+ pressurized water reactors and potentially manage their future operations. The PEJ also assists the Polish government in advancing the Polish Nuclear Energy Program and in fulfilling the cooperation agreement between the U.S. and Polish governments on civil nuclear energy development.

In August, Poland’s Commissioner for Strategic Energy Infrastructure introduced a bill proposing about 60 billion PLN in public funding for the PEJ. The support would take the form of increased share capital through cash contributions or possibly in-kind contributions like government securities. This public support for the PEJ will only be possible with European Commission approval for state aid. The government announced plans to approve this bill in Q4 of this year, and on September 2, the bill amending laws related to the development of nuclear energy infrastructure was published on the Government Legislative Center’s website.

Poland’s first nuclear power plant is expected to generate up to 3,750 MWe and will be located in the municipalities of Choczewo or Gniewino, and Krokowa. According to the Ministry of Climate and Environment, which developed the project, securing financing is critical, as lack of funding could jeopardize the project.

The latest government projections indicate that construction on the first reactor, specifically pouring the "first nuclear concrete," is planned for 2028. Once underway, the contractor has assured the government that the plant can be completed within seven years from that start date.