Poland’s nuclear project secures landmark financing as PEJ signs first loan agreement with US EXIM

Polskie Elektrownie Jądrowe (PEJ) has signed a landmark loan agreement with the Export-Import Bank of the United States (US EXIM), marking the first direct financing deal ever concluded between the U.S. export credit agency and a Polish entity. The agreement represents a major milestone in the financing of Poland’s first nuclear power plant, to be built at the Lubiatowo-Kopalino site in the Choczewo municipality.

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Today   |   12:45   |   Source: Gazeta Morska   |   Prepared by: Kamil Kusier   |   Print

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The agreement was executed under the Engineering Multiplier Program (EMP), a financing mechanism designed to support early-stage engineering and preparatory works for projects involving U.S. companies. The loan will enhance PEJ’s liquidity by enabling the refinancing of selected works already delivered by the Westinghouse–Bechtel consortium under the Engineering Development Agreement.

Supporting pre-construction and engineering activities

The EMP provides funding for critical activities carried out prior to the construction phase, including feasibility studies, selected engineering services and environmental works. The program targets projects with a strong potential to generate future U.S. export orders and facilitates their transition to subsequent financing stages.

- This agreement demonstrates EXIM’s commitment to advancing American energy technologies worldwide. By providing financing for the development of nuclear energy in Poland using U.S. technical expertise, we support American jobs and prove that U.S. innovation leads in the industries of the future, said Marek Woszczyk, President of Polskie Elektrownie Jądrowe.

Increased financial flexibility and OECD compliance

The loan agreement with US EXIM provides PEJ with greater flexibility in executing project activities planned for 2026. The instrument aligns with Poland’s nuclear special legislation and supports stable financing between subsequent capital injections into the Pomeranian nuclear project.

- This agreement confirms EXIM’s readiness to further support Poland’s nuclear program. Financing based on U.S. technology and know-how strengthens transatlantic cooperation and long-term energy security, said Jim Burrows, Acting First Vice President and Vice Chair of EXIM.

Negotiations were conducted with the support of specialized legal advisors. The contract complies with OECD guidelines, is secured by PEJ’s assets, and includes Bank Pekao S.A. as the facility agent.

Over PLN 100 billion in declared ECA support

The loan agreement follows an earlier letter of intent issued by US EXIM for USD 17.8 billion, confirming the agency’s strong commitment to Poland’s first nuclear power project. The current facility is operational in nature and demonstrates 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, totaling more than PLN 100 billion. The project’s financial structure assumes that debt financing will cover approximately 70% of total investment costs, with the remaining portion funded from the state budget.

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