Constellation Energy says Crane Clean Energy Center backed by $1B DOE loan

Constellation Energy (CEG) announced that its Crane Clean Energy Center is now backed by a $1B U.S. Department of Energy loan. This marks the first time the DOE Loan Programs Office has concurrently finalized a conditional loan commitment and financial close, made possible by Constellation’s strong balance sheet and credit worthiness. Funded by the Energy Dominance Financing Program, this interest-bearing loan will lower Constellation’s cost of financing and leverage private investment to restore reliable nuclear energy to the grid and help America win the AI race. “DOE’s quick action and leadership is another huge step towards bringing hundreds of megawatts of reliable nuclear power onto the grid at this critical moment,” said Joe Dominguez, president and CEO of Constellation. “Under the Trump administration, the FERC and DOE have made it possible for us to vastly expedite this restart without compromising quality or safety. It’s a great example of how America first energy policies create jobs, growth and opportunities and make the grid more reliable. Utilities and grid operators are moving too slowly and need to make regulatory changes that will allow our nation to unlock its abundant energy potential. Constellation and nuclear energy are helping to lead the way and we are thankful to President Trump and Secretary Wright for putting the ‘energy’ back into DOE.”