Westinghouse Receives $1.45B Canadian Financing to Advance Poland’s Nuclear Power Plant

Canadian Financing Fuels Poland’s Nuclear Energy Future
Westinghouse Electric Company has secured a substantial $1.45 billion (CAD 2.02 billion) financing commitment from Export Development Canada (EDC) to support Poland’s first nuclear power plant, powered by Westinghouse’s advanced AP1000 reactor technology. This financing agreement, signed with Polskie Elektrownie Jadrowe (PEJ), the state-owned company responsible for the plant’s development at the Lubiatowo-Kopalino site in Pomerania, strengthens Canada’s role in Europe’s energy diversification strategy.

The financing aims to accelerate the deployment of nuclear energy in Poland, a key move in enhancing Europe’s energy security, reducing dependence on fossil fuels, and addressing the challenges of energy transition. Dan Lipman, President of Westinghouse Energy Systems, emphasized that this agreement not only helps Poland secure its energy future but also supports Canada’s growing nuclear supply chain. Westinghouse’s collaboration with EDC demonstrates the strong economic ties between Canada and global nuclear energy projects.

Economic and Employment Benefits for Canada
In addition to bolstering Europe’s energy independence, the financing deal is set to benefit Canada’s economy significantly. For each AP1000 reactor built internationally, Westinghouse expects to generate nearly $1 billion CAD in GDP for Canada, largely through the involvement of Canadian suppliers and labor. This agreement will create high-quality jobs for Canadian firms and trade unions supporting the Westinghouse global reactor fleet. Moreover, Westinghouse’s commitment to securing Canadian economic growth extends beyond this project, as future AP1000 plants in North America, including Canada, will provide even more opportunities for local suppliers and skilled workers.

Westinghouse, which is jointly owned by Canadian energy giants Brookfield and Cameco, has firmly established itself as a leader in advanced nuclear technology. With a proven track record in deploying Generation III+ reactors, Westinghouse is set to play a pivotal role in Canada’s future nuclear landscape, potentially delivering power to as many as three million homes by 2035 through its proposed four-unit AP1000 facility. This project is expected to generate $28.7 billion CAD in GDP during construction and create 12,000 full-time jobs, underscoring the significant economic impact of nuclear energy expansion in Canada.

Expanding Canada’s Nuclear Capacity
As the first nuclear vendor to develop fully operational Generation III+ reactor technology, Westinghouse’s role is crucial in Canada’s ongoing nuclear efforts. In addition to its work in Poland, Westinghouse’s technological expertise and commitment to carbon-free energy solutions position it as a key player in global nuclear energy development. The company’s longstanding history of innovation, including providing the world’s first commercial pressurized water reactor in 1957, reinforces its commitment to advancing nuclear technology worldwide.