Westinghouse Welcomes Canadian Financing for Poland’s First Nuclear Power Plant
Summary
Funding from Export Development Canada Puts Nations Nuclear Supply Chain to Work for Global New Build ProjectsPeterborough, Ontario, December 9, 2024 Westinghouse Electric Company welcomes the Letter of Interest (LOI) for US$1.45 billion ($2.02 billion CAD) in financing from Export Development Canada (EDC) to support the AP1000\xae project to build Polands first nuclear power plant. Westinghouse helped facilitate the financing for Polskie Elektrownie Jadrowe (PEJ), the state-owned company that is responsible for developing the plant at the Lubiatowo-Kopalino site in Pomerania.Not only does this financing agreement underscore the important role Canada will play in helping Europe secure and diversify its energy future, but it will also help prepare the nations nuclear supply chain to support the next AP1000 plant in North America, said Dan Lipman, President of Westinghouse Energy Systems. We appreciate the close cooperation of the EDC in helping Westinghouse make AP1000 projects a reality for its customers while bringing home economic benefits to Canada.This announcement demonstrates Westinghouses deep commitment to Canadas economy by securing work for Canadian firms and trade unions supporting Westinghouses 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 a 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.