Poland formalizes US funding deal for first nuclear power plant

Poland has signed a loan agreement with the Export-Import Bank of the United States (US EXIM), a move that will give the country greater financial flexibility as it advances design work planned for 2026 on its first nuclear power plant.

The agreement was concluded under US EXIM’s Engineering Multiplier Program (EMP) on January 29, which is designed to finance preparatory and engineering work on projects involving US companies, as Polish media reported.

Under the deal, the loan will strengthen the liquidity of Polskie Elektrownie Jądrowe (PEJ), the state-owned company responsible for the project, by allowing it to refinance part of the work already carried out by the Westinghouse-Bechtel Consortium under an Engineering Development Agreement.

The Engineering Multiplier Program provides financing for key activities conducted before the construction phase, including feasibility studies as well as selected engineering and environmental services. The program targets projects with strong potential to generate future US export orders and is intended to prepare them for subsequent stages of financing.

The Polish firm has bolstered the financing outlook for Poland’s first nuclear power plant by signing letters of intent with 11 export credit agencies across Europe, North America and Asia. Together, the commitments represent potential funding of more than $ 28 billion, highlighting substantial international interest in backing the project.

PEJ said the agreement complies with OECD guidelines and is secured by the company’s assets. Bank Pekao SA is also a party to the agreement, acting as the facility agent. According to PEJ, the loan in its current form fully covers the needs and risks associated with the nuclear project.

“We are consistently moving from letters of intent to first agreements,” said Marek Woszczyk, president of PEJ’s management board. “The agreement we signed with US EXIM is another example demonstrating the credibility of the Polish nuclear project. The formal inclusion of the US export credit agency in the project also opens the way for us to sign further financing agreements with international institutions.”

US EXIM Acting First Vice President and Vice Chairman Jim Burrows said the deal highlights Washington’s broader energy ambitions. “This agreement demonstrates EXIM's commitment to unleashing US energy molecules and technologies to every corner of the globe,” he said.

Poland aims for its first AP1000 nuclear reactor to enter commercial operation in 2033. The project is planned for the Lubiatowo-Kopalino site in the Choczewo municipality of Pomerania in northern Poland.

In November 2022, the Polish government selected Westinghouse’s AP1000 reactor technology for the project. In September 2023, Westinghouse, Bechtel and PEJ — a special-purpose vehicle fully owned by Poland’s State Treasury — signed an 18-month engineering services contract to finalise a site-specific design for a plant featuring three AP1000 reactors. In April last year, PEJ and the Westinghouse-Bechtel Consortium agreed on the terms of a new Engineering Development Agreement after the previous contract expired.

By Nazrin Sadigova