Polskie Elektrownie Jądrowe (PEJ) signed a loan agreement with the Export Import Bank of the United States (US EXIM). The direct financing agreement is the first ever concluded between the US export credit agency and a Polish entity, marking another important milestone in the financing process for the Lubiatowo-Kopalino nuclear power plant.
The agreement was concluded as part of US EXIM’s Engineering Multiplier Program (EMP), which aims to finance preparatory and engineering works for projects carried out with the participation of US companies. The loan will increase the PEJ’s liquidity by enabling it to refinance part of the works previously performed by the Westinghouse-Bechtel Consortium under an Engineering Development Agreement.
The EMP covers financing for key works carried out prior to the commencement of the construction phase, including feasibility analyses and selected engineering and environmental services. It is intended for projects with high potential for generating further export orders from the US and supports the preparation of projects for subsequent stages of financing.
We are consistently moving from letters of intent to first agreements. 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.
This agreement demonstrates EXIM's commitment to unleashing U.S. energy molecules and technologies to every corner of the globe. By financing U.S. technical expertise for Poland's nuclear development, we're supporting American jobs and proving that American innovation leads in the industries of the future.
Thanks to the loan agreement with US EXIM, PEJ has gained greater flexibility in the implementation of design works planned for 2026. This instrument is in line with the solutions provided for in the special nuclear act and supports stable financing of the project between subsequent stages of capital injection for the investor of the project delivered in Pomerania.
Negotiations with US EXIM were conducted with the support of specialized law firms. The agreement complies with OECD guidelines and is secured by PEJ assets. The agreement in its current form fully covers the needs and risks of the nuclear project. Bank Pekao S.A., acting as the facility agent, is also a party to the agreement.
The conclusion of the loan agreement is the next stage in PEJ’s cooperation with US EXIM, following the previously issued letter of intent for USD 17.8 billion, confirming the US agency’s real commitment to the delivery of the project of Poland’s first nuclear power plant. The current agreement is operational in nature and confirms US EXIM’s readiness to continue supporting the project in its subsequent phases.
To date, PEJ has signed letters of intent with 11 export credit agencies from Europe, North America, and Asia, worth over PLN 100 billion. The financing structure for the nuclear power plant project in the Choczewo commune assumes that debt financing will account for 70% of the investment cost, with the remainder secured with funds from the state budget.
