The U.S. Department of Energyโs (DOE) Office of Energy Dominance Financing (EDF) is providing a $4.2 billion conditional loan commitment to independent utility-scale generator Vistra Corp. to increase nuclear power generation as AI and data centers drive demand. U.S. Energy Secretary Chris Wright announced the nuclear financing on Monday at Vistra’s 1.3-GW Perry Nuclear Power Plant in Ohio. The funding will support nuclear uprates and modernization, preserving nearly 4 GW of reliable baseload power and adding 433 MW of new nuclear capacity.
The investment advances a previous executive order by President Donald Trump aimed at increasing reactor-powered generation and securing civil nuclear supply chains. โBy getting more power out of the nuclear plants we already have, we can deliver more affordable, reliable, around-the-clock energy for American families and businesses,โ said DOE Secretary Wright in a statement.
Vistra operates six reactors at four U.S. plants generating more than 6.5 GW, enough to power over 3 million homes. It also secured PPAs with Facebook parent company Meta for more than 2.6 GW of nuclear power, including 2,176 MW from Perry and 900 MW from DavisโBesse Nuclear Power Station.
The nuclear financing comes today as hyperscalers seek existing reliable nuclear assets for carbon-free, baseload power for AI demand across the U.S. nuclear sector. The Trump administration is targeting 300 GW of nuclear capacity by 2050. Wright said DOEโs Energy Dominance Financing Office has โsignificant lending authorityโ and โby far the biggest use of those dollars will be for nuclear power plants.โ Utilities have used power uprates since the 1970s, and the NRC approved more than 170 as of 2022. โThese investments will extend the life of existing reactors, increase nuclear generation, and deliver abundant, around-the-clock power to lower costs and power American prosperity for decades to come,โ said Energy Dominance Financing director Gregory A. Beard.