Export Development Canada (EDC) has sent a letter of intent pledging up to $1.45 billion, Polish Nuclear Power Plants (PEJ) said on Monday.
The Canadian agency’s backing depends on a detailed due diligence process and a favorable credit decision, according to PEJ, the Polish state-owned company tasked with building the plant.
“We are pleased to see the strong interest in our investment from leading global financial market entities,” PEJ Vice President Piotr Piela said.
The U.S. Export-Import Bank (EXIM) and the International Development Finance Corporation (DFC) have already signaled they are prepared to provide 75 billion złoty ($18.6 billion) in financing for the Polish project.
PEJ has been working to secure funding from export credit agencies in countries with advanced nuclear supply chains as part of its broader financing strategy.
The nuclear power plant, to be built in Lubiatowo-Kopalino, northern Poland, by U.S. consortium Westinghouse-Bechtel, will utilize Westinghouse’s AP1000 reactor and consist of three units with a combined capacity of up to 3,750 MWe.
The first unit’s construction is set to begin in 2028, with completion expected by 2035.
The Polish government has requested European Commission approval for state aid to the project, including a capital injection of 60 billion złoty ($14.9 billion).
PEJ has also finalized a contract with
Westinghouse-Bechtel for the plant’s design.
